Union Bank registers 78 per cent jump in Q2 profit

Public sector Union Bank of India on Friday reported a 78.4 per cent rise in net profit at Rs 371.34 crore for the second quarter ended September 30.

The bank had a net profit of Rs 208.12 crore in the July-September quarter of 2013-14 fiscal.

Net interest income for the quarter rose by 6.7 per cent to Rs 2,085 crore, from Rs 1,954 crore in the year ago period, Union Bank said in a filing to the Bombay Stock Exchange (BSE).

Gross non-performing assets (NPA) as a percentage of total advances stood at 4.69 per cent as on September September 2014, against 3.64 per cent in September 2013.

Net interest margin stood at Rs 2.60 per cent in the September quarter.

Total income rose to Rs 8,754.69 crore for the quarter ended September 30, 2014, from Rs 7,882.29 crore in the year ago period.

Shares of Union Bank were trading at Rs 223.15, down 0.47 per cent over previous close on the BSE at 2:39 pm.