Union Bank of India Q1 net down 22.7 pc at Rs 464.4 crore

It had posted a net profit of Rs 601.42 crore for the corresponding quarter of the last fiscal, Union Bank of India said in a filing to the Bombay Stock Exchange (BSE).

However, the total income of the bank increased by 31 per cent at Rs 5,399.6 crore as compared to Rs 4,120.66 crore during the year-ago period.

The bank made a provision of Rs 214 crore for bad assets during the quarter, compared to Rs 185 crore in the same quarter an year ago.

The net interest income of the bank, however, rose by 18.11 per cent to Rs 1,590 crore as compared to Rs 1,347 crore in the same quarter in the previous fiscal.

Net interest Margin (NIM) during the April-June quarter rose to 3.10 per cent against 3.03 per cent.

Union Bank's gross non-performing assets (NPAs) increased to 2.57 per cent during the quarter ended June 30 from 2.19 per cent in the same quarter a year ago, it said.

Its net NPAs also went up to 1.32 per cent during the three-month period from 0.94 per cent during the first quarter of 2010-11.