Union Bank net up 54%
The net interest margins dipped 7 basis points to 2.95%. Sarkar said weaker NIMs were due to rate cuts in agriculture, housing and SME loans, along with the cost of funds remaining high.
Asset quality showed improvement with gross NPA sequentially falling to 3.36% and net NPA falling from 2.06% to 1.7%. The bank saw lower slippages in the quarter which stood at R677 crore compared with R792 crore in the previous quarter. Restructured assets to the tune of R1,205 crore and has forecasted further recasts of R1,700 crore in the January to March quarter.
The net interest income (NII) was up 9.88% yoy to R1,891 crore.
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