Union Bank Q3 net up 106.8 % at Rs 2,245 cr, considers QIP for equity

State-owned lender's loan book grows 20.09% YoY to Rs 8.04 trn, asset quality improves

Union Bank of India’s net profit rose 106.8 per cent year-on-year (YoY) to Rs 2,245 crore in the quarter-ended December (Q3 FY23) on the back of improved net interest margin (NIM).

The Mumbai-based public sector lender made a net profit of Rs 1,085 crore in Q3 of FY22. Net profit was higher in Q3 FY23 compared to Q2 FY23 when it was Rs 1,848 crore.

The bank’s stock was trading 0.37 per cent higher at Rs 81.9 per share on the BSE on Friday. Total capital adequacy ratio (CAR) stood at 14.45 per cent in December 2022. The