Union Bank of India has reported a net profit of Rs 353 crore for the second quarter of FY12, a growth of just 16% as compared to Rs 303.4 crore in the corresponding quarter of last fiscal. This was way below the expectations; CNBC-TV18 poll saw net profit of Rs 519 crore.
Net interest income increased 8% to Rs 1,661 crore from Rs 1,535.8 crore year-on-year, which was slightly above estimates. CNBC-TV18 poll expected NII at Rs 1,626 crore.
Gross non-performing assets (NPAs) grew at 3.49% in the quarter ended September FY12 as against 2.79% in same quarter the previous year.
Net NPAs too climbed at 2.04% versus 1.18% during the same period. Net NPAs in the July-September quarter stood at Rs 2,959 crore as against Rs 1,462 crore year-on-year.
Net interest margins stood at 3.21% versus 3.35% (YoY).
Source: www.moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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