PSU lender, Union Bank of India has reported 36% increase in its net profit for the Q1 in this fiscal. The net profit of the bank is Rs 601.42 crore as of June 30, 2010 as compared to Rs 442.19 crore for the equivalent quarter in the earlier fiscal.
The bank’s total income has also gone up by 11.25% for Q1 valued at Rs 4,120.66 crore as compared to Rs 3,704 crore for the equivalent period in the previous fiscal.
There is an increase in the gross NPAs of the bank to 2.19% in this quarter as against 1.95% previously.
The net NPA has also gone up to 0.94% in this quarter.
The bank posted revenue valued at Rs 1,315.36 crore in the 1st quarter from its retail operations, a 13.22% increase over the previous year’s numbers.
The income earned by the bank from corporate banking division for this quarter went up by 17.63% to Rs 1,690.60 crore.