On Saturday, Union Bank of India reported a remarkable 59.91% year-on-year surge in net profit, reaching Rs 3,590 crore for the October-December quarter. This substantial growth was attributed to reduced provisioning and increased interest income. In comparison, the bank had recorded a net profit of Rs 2,249 crore in the same quarter the previous year.
Following the announcement of the results, the government-owned bank witnessed a significant uptick in its share price, reaching a 52-week high of Rs 145.25 per share during a special trading session on Saturday, marking a 6.72% increase.
The bank's total income for the third quarter rose to Rs 29,137 crore, up from Rs 24,154 crore in the corresponding period a year ago. Notably, interest income experienced a notable upswing, climbing to Rs 25,363 crore from Rs 20,883 crore in the previous year.
Furthermore, Union Bank of India saw a substantial reduction in provisions and contingencies, with the figures dropping sharply to Rs 1,748 crore in Q3, compared to Rs 3,036 crore in the same period last year.