State-run Union Bank of India on Thursday reported a 10 per cent decline in September quarter profit at Rs 4,249 crore, driven by a decline in core income and also recoveries from written-off accounts.
Its newly appointed Managing Director and Chief Executive Asheesh Pandey said the lender will be “balancing” between topline growth and protecting bottomline from hereon.
On the speculation about another round of consolidation among state-run lenders, and if the bank will merge with one of its peers, Pandey declined comment. Without denying any speculation, he said things are “evolving”.
During the quarter, it reported a 2.6 per cent dip in the core net interest income at Rs 8,812 crore due to a softer loan growth of less than 5 per cent and also a narrowing of the net interest margin to 2.67 per cent from 2.90 per cent in the year-ago period.
Pandey did not share a specific target on the loan growth for FY26, but added that it still aspires to grow the book at 8-10 per cent on the b​State-run Union Bank of India on Thursday reported a 10 per cent decline in September quarter profit at Rs 4,249 crore, driven by a decline in core income and also recoveries from written-off accounts.
Its newly appointed Managing Director and Chief Executive Asheesh Pandey said the lender will be “balancing” between topline growth and protecting bottomline from hereon.
On the speculation about another round of consolidation among state-run lenders, and if the bank will merge with one of its peers, Pandey declined comment. Without denying any speculation, he said things are “evolving”.
During the quarter, it reported a 2.6 per cent dip in the core net interest income at Rs 8,812 crore due to a softer loan growth of less than 5 per cent and also a narrowing of the net interest margin to 2.67 per cent from 2.90 per cent in the year-ago period.
Pandey did not share a specific target on the loan growth for FY26, but added that it still aspires to grow the book at 8-10 per cent on the b ​Latest News [ SOBAN NEWS: International and National ]
