Union Bank reports 13% fall in Q3 profit

Union Bank of India on Tuesday reported a 13.33 per cent fall 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 per cent in the December quarter, as against 2.60 per cent in September quarter.

Net interest income rose by 8 per cent 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 per cent to Rs 234.40 on the BSE.