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



By Malvika Gurung

Investing.com — The authorities-owned loan provider Union Financial institution of India (NS:) described its earnings effects for the March ending quarter on Friday, posting an 8% rise in its internet gain on a YoY basis.

The lender’s standalone net gain stood at Rs 1,440 crore in the March quarter, compared to Rs 1,330 crore claimed in the 12 months-back period of time, even though its full earnings climbed marginally by 3.1% YoY to Rs 20,417.44 crore in the interval.

In the complete fiscal FY22, the lender’s standalone internet income jumped 80% YoY to Rs 5,232 crore, and full revenue stood at Rs 80,468.77 crore, marginally decrease.

In the quarter under assessment, the bank’s asset top quality enhanced way too, as its gross non-carrying out belongings or bad loans minimized to 11.11% from 13.74% in the year-ago time period. 

In phrases of worth, the bank’s gross NPAs decreased 11.36% to Rs 79,587.07 crore in the March quarter.

Union Bank’s web NPAs declined to 3.68% in Q4FY22 from 4.62%.

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

Shares of the bank ended 7.11% better at Rs 36.15 apiece on Friday.

Divya

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