Union Bank Q3 net dips 13% at Rs 302 crore

Union Bank of India on Tuesday reported a 13.33 percent decline in net profit at Rs 302.42 crore for the October-December quarter.

New Delhi: Union Bank of India on Tuesday reported a 13.33 percent decline in net profit at Rs 302.42 crore for the October-December quarter.

The bank had a net profit of Rs 348.94 crore in the third quarter of 2013-14 fiscal.

Total income increased to Rs 8,921 crore for the quarter ended December 31, 2014, from Rs 8,230.17 crore in the year ago period, Union Bank said in a filing to the BSE.

Domestic net interest margin (NIM) stood at 2.57 percent in the December quarter, as against 2.60 percent in September quarter.

Net interest income rose by 8 percent to Rs 2,120 crore during the third quarter, from Rs 1,963 crore in the same quarter of previous fiscal.

Shares of Union Bank fell 6.76 percent to Rs 234.40 on the BSE.

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