Chennai: Union Bank of India swung to a net profit in the quarter ended September 2020 from a loss a year earlier led by higher income growth even as provisions stayed under control.
The State-owned bank has reported a 55.3 percent jump in its net profit at Rs 517 crore in the second quarter ended September. The bank had posted a net profit of Rs 333 crore in the three months ended June 2020.
It had a net loss of Rs 1,194 crore in the quarter ended in September 2019. Net interest income grew by 6.1 percent to Rs 6,293 crore in the July-September period of 2020-21 from Rs 5,934 crore in the same period of 2019-20, Union Bank said in a release.