Chennai: Union Bank of India has reported a standalone profit after tax of Rs 1,330 crore in the quarter ended 31 March, 2021, helped by improvement in asset quality.
The bank’s financial results for Q4FY21 are for the post-amalgamation (Andhra Bank and Corporation Bank merged with the Bank with effect from April 1, 2020) period and that for the year ago period (Q4FY20) are of the pre-amalgamation period.
Hence, the results are not comparable year-on-year. The amalgamated entity had posted net loss of Rs 7,157 crore in the year-ago period, the lender said in its investor presentation.
The Union government had approved the scheme of amalgamation of the three banks on 4 March, 2020, which came into effect on 1 April, 2020.