Union Bank of India net profit up 29.6% to ₹5,332 crore in Q1FY27
Union Bank of India reported a 29.6% increase in net profit for Q1FY27, reaching ₹5,332 crore. The bank improved its asset quality by reducing non-performing assets and focusing on increasing its CASA ratio.
Why it matters
Strong financial performance from a major public sector bank serves as a key indicator of the health of the Indian banking sector.
Union Bank of India (UBI) net profit increased 29.57% to ₹5,332 crore as defaulting assets as a share of total loans reduced and net interest income increased in first quarter of fiscal 2027 as compared with ₹4,116 crore in the year ago period.
Net interest income increased 10.15% to ₹10,037 crore in the reproting quarter as against ₹9,113 crore in the corresponding period last year. Net interest margin increased a mild 4 basis points (bps) to 2.8% in the June quarter from 2.76%, on a year-on-year basis. The bank’s strategy will be to continue defending NIM said Asheesh Pande, MD and CEO of UBI, speaking at the media briefing.
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