Union Bank Shares Soar 8% on Strong Q3 Earnings, Asset Quality Improvement

• Union Bank of India's shares surged 8% on January 14, marking its best day since March 2023, following robust Q3 results.
• The PSU lender reported a 9% year-on-year increase in net profit to ₹5,017 crore for the October-December quarter.
• Asset quality significantly improved, with Gross NPA reducing to 3.06% and Net NPA to 0.51% sequentially.
• Slippages decreased to ₹1,853 crore in Q3 from ₹2,151 crore in the previous quarter.
• Net Interest Income (NII) saw a modest 1% year-on-year rise, reaching ₹9,328 crore.

Why It Matters: Union Bank of India's strong Q3 performance, driven by improved asset quality and profit growth, boosted investor confidence.