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Union Bank of India Q4: Profit Rises 8% YoY, Gross NPAs Reduce, Shares Fly

By Malvika Gurung

Investing.com — The federal government-owned lender Union Financial institution of India (NS:) reported its earnings outcomes for the March ending quarter on Friday, posting an 8% rise in its web revenue on a YoY foundation.

The lender’s standalone web revenue stood at Rs 1,440 crore within the March quarter, in comparison with Rs 1,330 crore reported within the year-ago interval, whereas its whole earnings climbed marginally by 3.1% YoY to Rs 20,417.44 crore within the interval.

In the entire fiscal FY22, the lender’s standalone web revenue jumped 80% YoY to Rs 5,232 crore, and whole earnings stood at Rs 80,468.77 crore, marginally decrease.

Within the quarter beneath evaluation, the financial institution’s asset high quality improved too, as its gross non-performing property or dangerous loans decreased to 11.11% from 13.74% within the year-ago interval. 

When it comes to worth, the financial institution’s gross NPAs lowered 11.36% to Rs 79,587.07 crore within the March quarter.

Union Financial institution’s web NPAs declined to three.68% in Q4FY22 from 4.62%.

The lender’s board of administrators has really helpful a dividend of Rs 1.9/share for FY22.

Shares of the financial institution ended 7.11% increased at Rs 36.15 apiece on Friday.

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