Public sector lender Union Bank of India posted a 2% year-on-year rise in its net profit to Rs. 789 crore for the quarter ended March due to below-than-expected credit growth and pressure on profit margins, from Rs. 773 crore during the corresponding quarter in the previous year
Net interest income (the difference between interest earned and interest paid) grew by 9% to Rs. 1980 crore from Rs. 1,821 crore in the same quarter previous year. Non-interest income for the quarter grew by 8% to Rs. 875 crore, compared to Rs. 811 crore in same quarter previous fiscal.
Shares of Union Bank rose by 1.42% to end at Rs. 242.60 apeice on the Bombay Stock Exchange (BSE) on Thursday.