Q1FY21 results: Union Bank of India net profit jumps 48.3 per cent YoY

Union Bank of India, one of the largest government-owned banks of India, announced its quarterly results on August 21, 2020. Net profit came in at Rs 332.74 crore for Q1FY21, which increased by 48.3 per cent YoY, as compared to Rs 224.4 crore in Q1FY20.                                                                                                                                                                                         

Total Income increased by 101.2 per cent YoY to Rs 19,891.26 crore in Q1FY21 from Rs 9,887.14 crore in Q1FY20. Net interest income (NII) stood at Rs 6,403.19 crore which registered a growth of 154.3 per cent YoY, as against Rs 2,518.19 crore  in Q1FY20. Operating profit for Q1FY21 stood at Rs 4,034.09 crore which increased by 113.9 per cent YoY as against Rs 1,886.41 crore in Q1FY20.

Provisions and contingencies increased by 134 per cent YoY to Rs 3,555.77 crore in Q1FY21, as against Rs 1,519.34 crore in Q1FY20.

Gross non performing asset (NPA) in Q1FY21 stood at Rs 97,189.95 crore witnessing a growth of 98 per cent QoQ. Gross NPA (per cent) stood at 14.95 per cent in Q1FY21, which increased by 80bps QoQ as against 14.15 per cent in previous quarter. Net NPA in came in at Rs 28,913.5 crore registering a growth of 67.1 per cent QoQ. Net NPA (per cent) stood at 4.97 per cent in Q1FY21 which declined by 52 bps QoQ, compared to 5.49 per cent in previous quarter. Capital adequacy ratio stood at 11.62 per cent in Q1FY21 that declined by 1.19 per cent QoQ, as against 12.81 per cent in previous quarter. 

The stock closed with gains of 1.84 per cent at Rs 30.45 in today's session on BSE.