Union Bank Net Rises 19% on Big IT Refund, Interest Income
The bank received ₹497 crore as income tax refund in the quarter ending March as against ₹8 crore in the comparable period, which helped to push up profits for the fourth quarter.
posted a 19% growth in net to ₹3,311 crore for the fourth ended 2024 on rise in and a huge income .The bank received ₹497 crore as income tax refund in the quarter ending March as against ₹8 crore in the comparable period, which helped to push up profits for the fourth quarter.
Net interest income - the difference between interest earned from lending and cost of borrowing - was at ₹9,437 crore, up 14.3% over the corresponding period. Also, were down 20% to ₹3,222 crore in the fourth quarter, shows a presentation uploaded by the bank at the stock exchange.
Net profit for the full-year was up 62% to ₹13,648 crore largely driven by interest income and income tax refund. Net interest margin stood at 3.10% as of March 2024.
The capital adequacy ratio was at 16.97% of which CET (common equity Tier 1) was 13.65%.
Gross non-performing loans were at 4.75%. Advances rose 11.75 while deposits rose 9.3% for FY24. The board has recommended ₹3.60 on a ₹10 each share.
Source: Stocks-Markets-Economic Times
