State-owned lender Union Bank of India on Saturday reported a 60 per cent rise in net profit to Rs 3,590 crore for the December 2023 quarter due to lower provisions and better interest income. Its total income rose to Rs 29,137 crore during October-December 2023, compared to Rs 24,154 crore in the year-ago period.

Union Bank of India said in a regulatory filing that the bank had reported a net profit of Rs 2,249 crore in the year-ago period.

The bank’s interest income increased to Rs 25,363 crore during the third quarter of the current financial year, from Rs 20,883 crore a year ago.

The bank’s gross non-performing assets (NPA) ratio improved to 4.83 per cent as on December 31, 2023, from 7.93 per cent a year ago. Similarly, net NPA also declined to 1.08 per cent at the end of December 2022 compared to 2.14 per cent.

The bank said provisions for bad loans declined to Rs 1,226 crore during the quarter under review from Rs 2,443 crore in the year-ago period. The bank’s capital adequacy ratio improved to 15.03 per cent at the end of December 2022 compared to 14.45 per cent.