Enchancment in asset high quality and decrease provisions helped Union Financial institution of India submit a 12% yr on yr enhance in internet revenue at Rs 4,115 crore within the quarter ended June. Nonetheless, decrease internet curiosity revenue capped the bottomline progress.
Provisions and contingencies of the financial institution fell 40% on yr to Rs 1,664 crore within the June quarter, resulting in enchancment in asset high quality.
The general public sector financial institution’s gross non-performing belongings ratio fell to three.52% as of June finish as in opposition to 3.6% within the prior quarter. Internet NPA ratio additionally declined barely to 0.62% from 0.63% within the March quarter.
Internet curiosity revenue of the financial institution declined by 3% on yr to Rs 9,113 crore. Working revenue of the financial institution additionally lagged, down by over 11% on yr to Rs 6,909 crore.
