By Malvika Gurung
Investing.com -- The government-owned lender Union Bank of India (NS: UNBK ) reported its earnings results for the March ending quarter on Friday, posting an 8% rise in its net profit on a YoY basis.
The lender’s standalone net profit stood at Rs 1,440 crore in the March quarter, compared to Rs 1,330 crore reported in the year-ago period, while its total income climbed marginally by 3.1% YoY to Rs 20,417.44 crore in the period.
In the whole fiscal FY22, the lender’s standalone net profit jumped 80% YoY to Rs 5,232 crore, and total income stood at Rs 80,468.77 crore, marginally lower.
In the quarter under review, the bank’s asset quality improved too, as its gross non-performing assets or bad loans reduced to 11.11% from 13.74% in the year-ago period.
In terms of value, the bank’s gross NPAs lowered 11.36% to Rs 79,587.07 crore in the March quarter.
Union Bank’s net NPAs declined to 3.68% in Q4FY22 from 4.62%.
The lender’s board of directors has recommended a dividend of Rs 1.9/share for FY22.
Shares of the bank ended 7.11% higher at Rs 36.15 apiece on Friday.
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