Union Bank of India today reported a net profit of Rs 579 crores for the quarter ending March 31, 2014. Net interest income during the period rose to Rs 2052 crores during the period.
Asset quality which has remained a key concern for the banking sector deteriorated with the gross non performing assets coming in at 4.08 per cent as against 3.85, quarter on quarter.
Net non performing assets also rose at 2.33 per cent as against 2.26 per cent in the previous quarter.
The board of directors of Union Bank have declared a final dividend of Rs1.3 per share. The stock was down 6.59 per cent in trade.