Union Bank of India Q1FY22 Results
Union Bank of India Q1FY22 standalone profit jumps by 255 pc to Rs 1,181 crore
Mumbai/IBNS: The board of directors of Public sector lender Union Bank of India (UBI) approved the accounts of the Bank for the quarter ended June 30, 2021 on July 29.
The bank reported a standalone net profit of Rs 1,181 crore, up 254.93 per cent (year-on-year) during Q1FY22 over the same quarter last year.
Net Interest Income (NII), interest earned less interest expended, for April to June quarter 2021, grew by 9.53 per cent at Rs 7,013 crore compared to Rs 6,403 crore in Q1FY21.
Non-interest income in Q1FY22 shot up by 98.35 per cent to Rs 2,901 crore compared to Rs 1,462 crore in the year-ago period.
Its pre-provision operating profit rose 31.45 per cent to Rs 5,303 crore in the quarter-ended June, 2021 compared to Rs 4,034 crore in the same quarter last fiscal year.
Provisions and contingencies remained at elevated levels though declined marginally, falling 0.9 per cent year-on-year and 9.7 per cent quarter-on-quarter to Rs 3,523.81 crore in the quarter ended June 2021.
On the asset quality front, Gross NPA (%) reduced by 135 bps on YoY basis to 13.60% and Net NPA(%) reduced by 28 bps on YoY basis to 4.69 per cent as on 30.06.2021. Credit Cost reduced by 135 bps QoQ for Q1FY22.
Cost to Income ratio of the Bank improved by 320 bps on YoY basis from 48.71% during Q1FY21 to 46.51 per cent during Q1FY22.
Capital to risky asset ratio (CRAR) improved from 11.62 per cent as on 30.06.2020 to 13.32 per cent as on 30.06.2021. Common Equity Tier 1 (CET1) ratio improved to 9.77 per cent as on 30.06.2021 from 8.40 per cent as on 30.06.2020.
Net interest margins (NIM) improved by 30 basis points (bps) to 3.08 per cent as against 2.78 per cent.
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