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Union Bank third quarter net profit dips 13% at Rs 302 crore

Domestic net interest margin (NIM) stood at 2.57% in the December quarter, as against 2.60 per cent in September quarter.

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Union Bank of India today reported a 13.33% decline in net profit at Rs 302.42 crore for the October-December quarter.

The bank had a net profit of Rs 348.94 crore in the third quarter of 2013-14 fiscal.

Total income increased to Rs 8,921 crore for the quarter ended December 31, 2014, from Rs 8,230.17 crore in the year ago period, Union Bank said in a filing to the BSE.

Domestic net interest margin (NIM) stood at 2.57% in the December quarter, as against 2.60 per cent in September quarter.

Net interest income rose by 8% to Rs 2,120 crore during the third quarter, from Rs 1,963 crore in the same quarter of previous fiscal.

Shares of Union Bank fell 6.76% to Rs 234.40 on the BSE.

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