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Union Bank of India (UBI) reported a 41 per cent quarter-on-quarter (QoQ) jump in standalone net profit at ₹727 crore in the quarter ended December 31, 2020 against ₹517 crore in the quarter ended September 30, 2020.
The public sector bank said its results for the current quarter/nine-month are not comparable with the corresponding year-ago period as the amalgamation of Andhra Bank and Corporation Bank with UBI was effective from April 1, 2020.
The third quarter’s bottom line was supported by a ₹672 crore write-back in tax expenses and 31 per cent QoQ increase in other income.
Net interest income (the difference between interest earned and interest expended) was up 5 per cent QoQ at ₹6,590 crore (₹6,293 crore in the preceding quarter).
Other income, comprising total fee income, dividend income, trading gains, recovery from technically written-off accounts, was at ₹3,016crore (₹2,308 crore).
Non-performing asset loan provisions were down 18 per cent QoQ at ₹3,036 crore (₹3,721 crore).
GNPAs declined to 13.49 per cent of gross advances as at December-end 2020 against 14.71 per cent at September-end 2020.
Net NPAs declined to 3.27 per cent of net advances as at December-end 2020 against 4.13 per cent at September-end 2020.
With proforma slippages (adjusted for the Supreme Court’s interim order), Gross and Net NPA ratio would have been 15.28 per cent and 5.02 per cent, respectively.
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