Public sector lender Union Bank of India has reported a 255 percent year-on-year growth in Q1FY22 standalone profit, beating estimates, driven by pre-provision operating profit and other income.
The standalone profit increased to Rs 1,181 crore in the quarter ended June 2021, from Rs 332.7 crore in corresponding period last fiscal.Net interest income grew by 9.5 percent year-on-year to Rs 7,013.4 crore in Q1FY22, the bank said in its BSE filing.
Profit was estimated at Rs 701.7 crore and net interest income at Rs 5,891.3 crore for the quarter, according to the average of estimates of analysts polled by CNBC-TV18.Non-interest income in Q1FY22 shot up 98.4 percent to Rs 2,901 crore and pre-provision operating profit rose 31.4 percent to Rs 5,302.81 crore compared to year-ago period.
Provisions and contingencies remained at elevated levels though declined marginally, falling 0.9 percent year-on-year and 9.7 percent quarter-on-quarter to Rs 3,523.81 crore in the quarter ended June 2021.
On the asset quality front, gross non-performing assets as a percentage of gross advances fell 14 bps sequentially to 13.60 percent and net NPA as a percentage of net advances increased 7 bps QoQ to 4.69 percent during the quarter.
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