State-owned Union Bank of India has reported fourth quarter net profit of Rs 597 crore as against Rs 594 crore in same quarter the previous year.
Net interest income increased 22.9% to Rs 1,716 crore from Rs 1,396 crore in fourth quarter FY10. Net interest margins stood at 3.44%.
In a press conference, M V Nair, Chairman & Managing Director of the bank said slippages were Rs 406 crore in fourth quarter as against Rs 765 crore in previous quarter.
Gross non-performing assets (NPA) declined at 2.37% as against 2.68% on quarter-on-quarter basis.
Source www.moneycontrol.com
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