Leading state-owned bank, Union Bank of India, has posted a year-on-year growth of 8.6% in its net profit to Rs 580 crore for the third quarter ended December 31, 2010 as compared to Rs 534 crore, in the comparable quarter a year ago.
The bank’s net interest income grew at a healthy 52% to Rs 1,616 crore from Rs 1064.7 crore, during the same period.
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The bank’s provisions grew sharply to Rs 400 crore in Q3FY11 from Rs 160 crore in Q3FY10.
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