Union Bank, Indian Overseas Bank, and Bank of Maharashtra Report Q3 Profit Growth with Improved Asset Quality

Union Bank of India reported a 9-10% year-on-year rise in Q3 FY26 net profit to around Rs 5,017-5,073 crore, supported by a 1% increase in net interest income and a significant decline in provisions. Asset quality improved with gross NPAs falling to about 3.06% and net NPAs to 0.51%. Indian Overseas Bank posted a 56-63% profit increase to approximately Rs 1,365-1,427 crore, driven by steady net interest income and reduced bad loans. Bank of Maharashtra also reported a 27% profit rise, aided by strong credit growth and improved asset quality. These results contributed to a rally in PSU bank shares, with the Nifty PSU Bank index reaching record highs.