{"id":"f-e550251d2f-345b1992-d651-5e37-ad50-e971d6fcc863","title":"Union Bank of India Q3 Results: PSU lender posts best day since March 2023 on strong earnings","description":"Union Bank of India shares have hit a record high in response to the December quarter results that were reported on Wednesday. The stock has risen 70% over the last 12 months.","timestamp":0,"category":"business","headline":"Union Bank of India Q3 Results: PSU lender posts best day since March 2023 on strong earnings","modifiedHeadline":"Union Bank Shares Surge on Strong Q3 Earnings","subCategories":["scid_0f705da1"],"region":"IN","bundleMetaData":{"bundleId":"ece1ae3d-908e-48c7-9e53-a4aa910ee4db","bundleTitle":"Grow Your Money","cardData":null},"iabCategoryId":"66","fcSummary":"Union Bank of India's shares rose 8% after its quarterly results revealed improved asset quality. Gross and net NPAs decreased, while net profit increased by 9% year-on-year. The stock experienced its biggest single-day gain since March 2023, closing 7.7% higher.","summary":"Union Bank of India soared to a record high after Q3 results! Shares surged 70% in 12 months, marking its best day since March '23.","ctaUrl":"https://trends.glance.com/newz/Economy/IN/en/cnbc-tv18/f-e550251d2f-345b1992-d651-5e37-ad50-e971d6fcc863","sourceUrl":"https://www.cnbctv18.com/market/union-bank-of-india-q3-results-asset-quality-npa-slippages-nii-share-price-record-19820848.htm","bannerImage":"https://g-mob.glance-cdn.com/public/fc/image/IfC9HIkaBG90.webp","content":"Shares of state-run Union Bank of India Ltd. surged as much as 8% on Wednesday, January 14, in response to its quarterly results for the October-December period, which showed improvement in the lender's asset quality.\n\n
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\n Union Bank's slippages at the end of the December quarter stood at ₹1,853 crore, compared to ₹2,151 crore during the September quarter.\n
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\n The lender's asset quality also improved on a sequential basis. Gross Non-Performing Assets (NPA) improved to 3.06% from 3.29% in September, while Net NPAs improved to 0.51% from 0.55% in the previous quarter.\n
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\n In absolute terms, Union Bank's Gross NPA improved to ₹31,121 crore at the end of the December quarter from ₹32,085 crore in September, while its Net NPAs stood at ₹5,102 crore from ₹5,209 crore last quarter.\n\n
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\n Union Bank of India's Net profit increased by 9% on a year-on-year basis to ₹5,017 crore, compared to ₹4,604 crore it reported during the same quarter last year. Its Net Interest Income (NII) or core income remained flat, rising 1% year-on-year to ₹9,328 crore.\n
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\n Shares of Union Bank of India ended 7.7% higher in response to its results to ₹178.8, having made an intraday record of ₹179. The stock is up 70% in the last one year. This is the biggest single-day gain for the stock since March 2023.\n","readDurationInMinutes":"2","author":{"name":"CNBC TV18","logo":"https://glance-mob.glance-cdn.com/public/bubble/jpeg/ecc3d19b-fc52-4a39-881c-5b0936ae723b.jpeg"},"ism":false,"analyticsResponses":[{"measurementId":"383191425","type":"COMSCORE"}],"pointerSummary":["Union Bank shares jump 8% on improved asset quality in Dec quarter results.","Gross NPA fell to 3.06%, Net NPA to 0.51%. Net profit rose 9% YoY.","Stock up 7.7% to ₹178.8. Biggest single-day gain since March 2023."],"tags":["UnionBankOfIndia","Q3Results","StockMarket","NPAs","AssetQuality","NetProfit","NetInterestIncome","PSULender","IndianBanking","FinancialResults","SharePrice","RecordHigh"],"consent":true,"redirectionEnabled":false}

Union Bank of India Q3 Results: PSU lender posts best day since March 2023 on strong earnings

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