Union Bank posts 13.7% rise in Q1 net profit to 3,679 cr

State-owned Union Bank of India on Saturday reported a 13.7 per cent growth in net profit to Rs 3,679 crore for the June 2024 quarter and flagged challenges on the net interest margin front.

The bank’s core net interest income grew 6.5 per cent to Rs 9,412 crore on the back of an 11.5 per cent growth in advances.

Its net interest margin narrowed by over 0.13 per cent to 3.05 per cent.

The other income increased 15.53 per cent to Rs 4,509 crore on healthy growth in the core fee income.

The net interest income and other income were down when compared to the March quarter, and the bank’s managing director and chief executive A Manimekhalai attributed the same to a general tendency for a softer first quarter in the industry.