Union Bank reports Rs 517-cr net profit; interest income rises, asset quality improves
The Union Bank of India recorded a net profit of Rs 516.6 crore for the September quarter of the current financial year against a loss of Rs 994 crore in the corresponding period last year. The lender saw a positive growth in interest income and its asset quality also improved. Its operating profit increased 2% year on year (YoY) and 8.4% quarter on quarter (QoQ) to Rs 4,375 crore. The interest income (NII) increased 6% YoY to Rs 6,293 crore.