Union Bank Q4 profit up 50%, sees margin pressure

State-owned Union Bank of India's March quarter net profit jumped 50% to ₹4,985 crore, and a top official Friday said RBI's rate cuts will keep its net interest margins under pressure going forward.

- Press Trust of India

MUMBAI:

The bank had earned a net profit of ₹3,311 crore in the same quarter previous fiscal.

Total income rose to ₹33,254 crore in the quarter as compared to ₹31,058 crore in the same period a year ago.

Speaking to reporters, managing director and chief executive A. Manimekhalai declined to comment on the controversy surrounding allegations of impropriety in the bulk purchase of a book by former chief economic adviser Krishnamurthy Subramanian by the bank.

She also did not answer a specific question on whether the senior management's role is being investigated in the matter.