After the Union Bank of India released strong Q1 results yesterday, its stock price increased by more than 4% on July 21. The Union Bank shares went up 4.42 percent to Rs 90.79 at 1:45 p.m. on the BSE.

On a standalone basis, the state lender’s earnings increased 107 percent to Rs 3,236 crore from Rs 1,558.5 crore during the same period previous year, according to a report released on Thursday.

Due to stronger core revenue and noticeably reduced provisions reported by the state-owned institution, the after-tax profit nearly doubled in the June quarter.

As opposed to 7.53 percent in the March quarter, the gross non-performing assets (GNPA) were 7.34 percent in the June quarter. In contrast to 1.70 percent quarter over quarter, net NPA was 1.58 percent.

According to the exchange filing, the gross NPA was Rs 60,104 crore, down 19.32% on-year, while the net NPA was Rs 12,138 crore, down 45.79%.

According to a regulatory filing from Union Bank of India, total revenue increased to Rs 27,381 crore in the first quarter of the current fiscal from Rs 20,991 crore in the corresponding period last year.

The bank’s interest income increased to Rs 23,478 crore from Rs 18,174 crore in June 2022.

When compared to the same quarter in FY23, net interest income (NII), which is the difference between the interest a bank receives from its lending activities and the interest it pays to depositors, climbed by 16.6% to Rs 8,839.7 crore from Rs 7,581.7 crore.

Quick results

Interest Earnings

Q1FY23

18,174

Q4FY23

22,005

Q1FY24

23,478

YoY%

29.18

QoQ%

6.70

Interest Charges

Q1FY23

10,593

Q4FY23

13,754

Q1FY24

14,638

YoY%

38.19

QoQ%

6.43

Gain from Net Interest

Q1FY23

7,582

Q4FY23

8,251

Q1FY24

8,840

YoY%

16.59

QoQ%

 

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