Mumbai, May 9 (IANS): Public sector lender Union Bank of India Wednesday reported 29 percent increase in net profit, at Rs.773 crore for the quarter ended March 31 against Rs.597.57 crore during the like period of the previous financial year.

The total income stood at Rs.6,498.79 crore during the quarter under review up 24.6 percent against Rs.5,215.8 crore during the year ago period, the company said in a regulatory filing.

During the year ended March 31, 2012, however, the net profit of the bank stood at Rs.1,787 crore, down 14 percent against Rs.2,081.95 crore during the year ended March 31, 2011.

The total income during the year under review stood at Rs.23,476.66 crore, up 27 percent compared to Rs.18,491 crore during the previous year.

The gross non-performing assets ratio stood at 3.01 percent during the quarter ended March 31, 2012 as against 2.37 percent during March 31, 2011.

The bank has also recommended dividend of Rs.8 per share for the financial year 2011-12.

At the Bombay Stock Exchange, the shares of the bank were 1.96 percent down to trade at Rs.207.30.