Money & Banking
The Bank’s Board has declared a dividend of ₹1.90 per share of ₹10 each for FY-2022
Mumbai, May 13
Union Bank of India reported an 8 per cent year-on-year (yoy) increase in fourth quarter standalone net profit at ₹1,440 crore against ₹1,330 crore in the year ago quarter due to healthy growth in net interest income (NII) and decline in bad loan provisions.
The public sector bank’s net profit was up 80 per cent y-o-y to ₹5,232 crore ( ₹2,906 crore in FY21).
The Bank’s Board has declared a dividend of ₹1.90 per equity share of ₹10 each for FY2022.
In the reporting quarter, NII (difference between interest earned and interest expended) was up 25 per cent y-o-y at ₹6,769 crore (₹5,403 crore in the year ago quarter).
Non-interest income, comprising fee based income, trading income, recovery in written-off accounts, and others, declined about 25 per cent yoy to ₹3,243 crore (₹4,330 crore).
Provisions towards non-performing assets (NPAs) declined 33 per cent y-o-y to ₹3,154 crore (₹4,712 crore).
Gross NPAs declined to 11.11 per cent of gross advances as at March-end 2022 against 13.74 per cent as at March-end 2021. Net NPAs declined to 3.68 per cent (4.62 per cent).
Deposits increased by 11.75 per cent y-o-y to stand at ₹10,32,393 crore as at March-end 2022. Advances were up 11.85 per cent y-o-y at ₹6,61,005 croe.