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Union Bank of India reports 37% yoy decline in standalone net profit at ₹727 crore in Q3 January 29, 2021 × The public sector bank’s standalone net profit in the reporting quarter, however, was up 41% Union Bank of India (UBI) reported a 37 per cent year-on-year (yoy) decline in standalone net profit at ₹727 crore in the third quarter (Q3FY21) ended December 31, 2020 against ₹1,159 crore in the year ago quarter. The public sector bank’s standalone net profit in the reporting quarter, however, was up 41 per cent quarter-on-quarter (QoQ) vis-a-vis preceding quarter’s ₹517 crore. Rajkiran Rai G, MD & CEO, explained that, “In Q3FY20, there was a recovery in the Essar Steel account… In case of (erstwhile) Corporation Bank, they had written back about ₹1,500 crore as profit. So, that was one-off entry…that is pushing the numbers of the previous year up. Otherwise, operating performance is better this year.”

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