State-owned Union Financial institution of India on Monday logged a 34 per cent development in its web revenue at Rs 4,720 crore for the second quarter ended September 2024. The Mumbai-based lender had earned a web revenue of Rs 3,511 crore in the identical quarter a 12 months in the past.
The whole earnings elevated to Rs 32,036 crore through the quarter below overview towards Rs 28,282 crore in the identical interval final 12 months, Union Financial institution of India stated in a regulatory submitting.
The financial institution reported curiosity earnings of Rs 26,708 crore through the quarter in comparison with Rs 24,587 crore within the year-ago interval.
Nonetheless, web curiosity earnings (NII) declined 0.87 per cent to Rs 9,047 crore from Rs 9,126 crore within the second quarter of the earlier 12 months.
The web curiosity margin too moderated to 2.9 per cent from 3.18 per cent on the finish of the second quarter of the final monetary 12 months.
As regards asset high quality, the financial institution witnessed enchancment with gross non-performing belongings (NPAs) declining to 4.36 per cent of the gross loans by the top of September 2024 from 6.38 per cent a 12 months in the past.
Equally, web NPAs or dangerous loans declined to 0.98 per cent from 1.30 per cent on the finish of the second quarter of the earlier fiscal.
Its complete Enterprise elevated by 9.37 per cent, whereby gross advances elevated by 9.63 per cent and complete deposits grew by 9.17 per cent.
The financial institution’s complete enterprise stood at Rs 21,70,779 crores as of September 30, 2024.
Capital adequacy ratio elevated from 16.69 per cent as of September 30, 2023, to 17.13 per cent by September 30, 2024, it stated.
The financial institution’s return on belongings and return on fairness stands at 1.35 per cent and 19.10 per cent, respectively, throughout Q2 FY25, it added.
