New Delhi. Public Sector Union Bank of India (UBI) has announced the results of the fourth quarter of the financial year 2022-23 (FY 2022-23). Profit increased by 80.57 percent (Profit increased by 80.57 percent) to UBI in the quarter (January-March) to Rs 2,811 crore (Rs 2,811 crore). With this, the bank’s net profit increased to Rs 8,512 crore from Rs 5,265 crore on an annual basis during the entire financial year.
The bank said in a statement released on Saturday that its profit has increased due to a huge increase in the recovery of written off loans. According to UBI, its net profit increased by 80.57 per cent to Rs 2,811 crore in the fourth quarter of FY 2022-23. The bank said that its net profit increased to Rs 8,512 crore from Rs 5,265 crore on an annual basis.
Original net interest income grew 21.88 per cent to Rs 8,251 crore in the March quarter, according to UBI. Advances have increased by 13 per cent during this period. At the same time, the net interest margin has increased to 2.98 percent, which was 2.75 percent in the same period a year ago. Also, non-interest income grew by 62.48 per cent to Rs 5,269 crore in the March quarter. In addition, recoveries from written-off accounts increased from Rs 294 crore to Rs 2,954 crore on a year-on-year basis.
UBI Chief Executive Officer (CEO) and Managing Director A. Manimekhalai said that the bank had started the financial year 2022-23 with a recovery target of Rs 15,000 crore, but recovered more than Rs 20,000 crore during this period.
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