Union Bank Q3 net profit up 37% at Rs 302 cr

The state-run bank had posted net profit of Rs 219.7 crore in the same quarter of the previous fiscal.

Total income of the bank during October-December quarter of 2012-13 increased to Rs 6,959.37 crore from Rs 5,989.48 crore a year ago, it said in a filing to the BSE. Net interest margin--a gauge of profitability--of the bank, however, declined to 2.95 per cent from 3.20 per cent in the same quarter a year earlier, it said.

Net interest income rose by 9.88 per cent to Rs 1,891 crore from Rs 1,721 crore during December quarter 2012.

For the nine months ended December 2012, the net profit of the bank rose to Rs 1,368.55 crore from Rs 1,013.94 crore a year ago. Total income during April- December period rose to Rs 20,176.14 crore from Rs 16,977.87 crore, it said.