Apple posts record growth in India in June quarter, says Tim Cook
"The vast majority of markets we tracked grew double digits, with especially strong growth in emerging markets, including India," he added.
Share price of state-run Union Bank of India jumped nearly 6 per cent on Monday after the lender’s posted a standalone net profit of Rs 333 crore in the June quarter.
On the BSE the stock gained 5.74 per cent to Rs 32.20. However, at 1.48 p.m. it was trading at Rs 30.95, up by 1.64 per cent or 0.50 points.
After hitting the high of Rs 32.20, up by 5.74 per cent on the NSE, the UB8 scrip was trading 0.55 points or 1.81 per cent up at Rs 31.0 0.55.
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Union Bank of India on Friday reported a standalone net profit of Rs 333 crore in the quarter ended June.
While the numbers of the first quarter plunged by 13 per cent, the lender said that the year on year data was not strictly comparable as it merged Andhra and Corporation Bank with itself effective from April 1 2020.
“Amalgamation of the Andhra Bank and the Corporation Bank came into effect on April 1, 2020; accordingly the combined financials as on March 31, 2020 and June 30, 2019 has been arrived at by aggregating audited or reviewed numbers of three banks,” the lender had said in a statement on Friday.
Bank’s net interest income rose by 17.1 per cent to Rs 6,403 crore as against Rs 5,468 crore in the same period last year.
“Overall the performance of the amalgamated entity was quite satisfactory. Amalgamation is proceeding as per the fixed timelines,” the bank’s managing director and CEO Rajkiran Rai G said.
Bank’s net interest income rose by 17.1 per cent to Rs 6,403 crore as against Rs 5,468 crore in the same period last year.
On the assets front, the lender’s gross non-performing assets (NPAs) improved to 14.95 per cent as on June 30, 2020 compared to 15.59 per cent as on June 30, 2019.
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