Mumbai, Aug. 2 -- Union Bank on Friday said its first-quarter net profit rose 73.25% on the back of lower provisioning. The bank posted a net profit Rs.224.43 crore for the three months ended 30 June, against Rs.129.54 crore in the year-ago period. A Bloomberg poll of 9 analysts' had estimated a loss of Rs.183 crore.
Provisions during the quarter decreased 33.63% to Rs.1,519.34 crore, from Rs.2,289.07 crore a year ago. During the January-March quarter, the bank had set aside Rs.5,766.15 crore in provisions.
Net interest income, or the difference between interest earned on loans and that paid on deposits, decreased 4.11% to Rs.2,518.19 crore, against Rs.2,626.12 crore in the corresponding period last year.
Other income, including core fee...