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Union Bank of India fiscal Q1 net profit surges 63.8% YOY

Union Bank of India's net profit for the fiscal first quarter ended June 30 surged 63.8% year over year to 2.30 billion rupees from 1.41 billion rupees, with EPS growing to 1.31 rupees from 1.20 rupees.

Interest earned increased to 89.60 billion rupees from 87.61 billion rupees in the year-ago quarter, in which investment income increased year over year to 24.54 billion rupees from 23.87 billion rupees. The bank reported an operating profit of 18.98 billion rupees, down from 21.61 billion rupees in the quarter ended June 30, 2018.

Provisions and contingencies dropped year over year to 15.32 billion rupees from 22.89 billion rupees.

The bank's gross nonperforming asset ratio as of June 30 was 15.18%, compared to 14.98% as of March 31 and 16.00% as of June 30, 2018. Net NPA ratio was 7.23%, compared to 6.85% as of March 31 and 8.70% at the end of the prior-year period.

As of June 30, the bank's capital adequacy ratio under Basel III stood at 11.43%, compared to 11.78% in the previous quarter and 11.45% a year earlier. Its common equity Tier 1 ratio clocked in at 7.87%, compared to 7.50% in the year-ago quarter.

As of Aug. 1, US$1 was equivalent to 68.94 Indian rupees.