Union Bank net profit rises 57%; stock rallies

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Union Bank net profit rises 57%; stock rallies
Union Bank of India has reported a stellar set of numbers for Q2 2013 with net profits at the bank surging to Rs 554 crores, as against Rs 353 crores in the corresponding period of last year.

Net interest income of the bank was up Rs 546 crores, as compared to Rs 510 in the corresponding period of last year.

Gross NPAs which has remained an area of concern for PSU banks has improved to 3.66% as on September 30, 2012, as compared 3.76% for the quarter ending June 30, 2012.

Shares of the bank surged 6.86% to Rs 220 on the National Stock Exchange.

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