Union Bank of India posted impressive Q2FY24 results, with a 90% YoY growth in net profit, reaching Rs 3,511 crore. This success was fueled by a 12% increase in non-interest income and reduced provisions for bad loans. Sequentially, the bank’s profit rose by 8.5% compared to the previous quarter. The bank also saw its share price rise by 5.5% on the BSE, closing at Rs 99.95 per share. Additionally, Union Bank maintained a robust capital adequacy ratio of 16.69%. Net interest income (NII) grew by 9.89%, while net interest margin (NIM) improved to 3.18%. Despite a slight dip in non-interest income, the bank’s overall performance remained strong. Provisions for non-performing assets (NPAs) decreased significantly.
Union Bank of India Reports Strong Q2 Profits, Boosted by Diverse Income Sources
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