Union Bank of India - Q2FY13 Result First-Cut - Microsec

Union Bank of India has announced its Q2FY13 result as on 2nd November 2012.

The bank's total income increased by 3.59% QoQ and 10.82% YoY to INR2396.01 crores, driven by 11.37% and 8.96% YoY growth in its Net Interest Income (NII) and Other Income respectively. Whereas, Profit After Tax (PAT) increased by 8.40% QoQ and 57.31% YoY to INR554.56 crores. During the quarter, the bank has reduced its provision by 6.05% QoQ and 21.79% YoY to INR487.09 crores which leads to improve its bottom line.

Bank's loans book and total deposits expanded by 19.36% and 15.61% YoY to INR172901.13 and INR226094.92 crores respectively. On the assets quality front, the bank has improved its assets quality. Bank's GNPA and NNPA decreased by 10bps and 14bps QoQ to 3.66% and 2.06% respectively. Capital Adequacy Ratio (CAR) stood at 11.39% which is 2.39% higher than the regulator stipulated norm. CASA ratio and Net Interest Margin (NIM) stood at 30.50% and 3.02% respectively.

Source : Equity Bulls

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