Union Bank of India stock zooms on reporting profit for Q2FY19

Shares of Union Bank of India zoomed 7% on the NSE during afternoon trade. The bank’s Q2FY19 revenue came in flat qoq at Rs9,438cr. Its NII came in at Rs2,493cr, which has increased by 7.4% yoy. The bank, for Q2FY19, has reported a net profit of Rs139.3cr as against a loss of Rs1,530.7cr yoy. The net profit was in-line with consensus estimates due to higher NII. Its GNPA for Q2FY19 stood at 15.74% against 16% qoq, a decline of 26bps. NNPA for the quarter came in at 8.42% against 8.71% qoq, a decrease of 29bps. Union Bank of India is currently trading at Rs74.15 up by Rs4.4 or 6.31% from its previous closing of Rs69.75 on the BSE.

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