Union Bank of India reported a rise in its standalone net profit in the fourth quarter of financial year 2024-25, beating estimates.
The bottomline of the public sector bank jumped 50.6% to Rs 4,985 crore in the January-March period, compared to Rs 3,310 crore in the year-ago period, according to a stock exchange filing on Thursday. The analysts' consensus estimates compiled by Bloomberg projected Rs 4,320.6 crore.
Net interest income rose 1% to Rs 9,514 crore versus Rs 9,437 crore last year. The Bloomberg estimate was Rs 9,373 crore.
Union Bank of India demonstrated an improvement in asset quality on a sequential basis, with gross non-performing assets ratio decreasing to 3.6% from 3.85% quarter-on-quarter, and net NPA ratio also declining to 0.63% from 0.82%.
The bank's operating profitability showed strong growth, increasing by 17.9% to Rs 7,700 crore compared to Rs 6,533 crore.
Provisions saw an increase of 22.6% year-on-year, rising to Rs 1,544 crore from Rs 1,260 crore. However, on a sequential basis, provisions saw a slight decrease of 3.4%, down to Rs 1,544 crore from Rs 1,599 crore.
The board has recommended a dividend of Rs 4.75 per equity share for fiscal 2025, subject to obtaining the necessary statutory approvals and the approval of the shareholders at the ensuing annual general meeting.
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