Union Bank reports net profit of Rs 341 crore in Q1

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August 21, 2020 7:18 PM

Union Bank said the figures related to June 2019 are of pre-amalgamated period, hence not comparable with post-amalgamation financials for the quarter ended June 2020. 

Amalgamation of Andhra Bank and Corporation Bank into Union Bank came into effect from April 1, 2020.

State-owned Union Bank of India on Friday reported a consolidated net profit of Rs 340.95 crore for the first quarter ended June 2020. The bank had logged a net profit of Rs 230.12 crore during the same period of the preceding fiscal year.

Union Bank said the figures related to June 2019 are of pre-amalgamated period, hence not comparable with post-amalgamation financials for the quarter ended June 2020. Amalgamation of Andhra Bank and Corporation Bank into Union Bank came into effect from April 1, 2020. Its total income (consolidated) stood at Rs 20,487.01 crore during the April-June quarter of 2020-21 as against Rs 10,053.68 crore in the same period a year ago, the bank said in a regulatory filing.

On asset front, the gross non-performing assets of the bank as on June 30, 2020 fell a tad to 14.95 per cent of the gross advances as against 15.18 per cent by end of June 2019. Net NPAs were down substantially at 4.97 per cent from 7.23 per cent. Shares of Union Bank closed 1.84 per cent up at Rs 30.45 apiece on the BSE.

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