Union Bank Q3 net profit up 37% at Rs 302 cr

Union Bank of India today said its net profit rose by 37.7 per cent to Rs 302.40 crore for the third quarter ended December 2012.

The state-run bank had posted net profit of Rs 219.7 crore in the same quarter of the previous fiscal.

Total income of the bank during October-December quarter of 2012-13 increased to Rs 6,959.37 crore from Rs 5,989.48 crore a year ago, it said in a filing to the BSE. Net interest margin--a gauge of profitability--of the bank, however, declined to 2.95 per cent from 3.20 per cent in the same quarter a year earlier, it said.

Net interest income rose by 9.88 per cent to Rs 1,891 crore from Rs 1,721 crore during December quarter 2012.

For the nine months ended December 2012, the net profit of the bank rose to Rs 1,368.55 crore from Rs 1,013.94 crore a year ago. Total income during April- December period rose to Rs 20,176.14 crore from Rs 16,977.87 crore, it said.

Union Bank scrips were trading 4.54 per cent higher at Rs 252.05 apiece on the BSE in afternoon trades.

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