Union Bank net up 2% to Rs 789 cr

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

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

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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.