Union Bank of India‘s Bank of India’s net profit for the quarter ended December was up 9% on year to Rs 5,017 crore beating analysts estimate. According to Bloomberg estimates, the lender was expected to report a net profit of Rs 3,872 crore. The rise in bottom-line was due to a sharp fall in provisions and an improvement in asset quality. Provisions and contingencies, excluding tax provisions, fell nearly 80% on year to Rs 322 crore and tax expenses rose to Rs 1,603 crore, taking the total provisions to Rs 1825 crore during the reporting quarter. Credit cost moderated further to 0.09% in Oct-Dec quarter from 0.22% a quarter ago. The provision coverage ratio of the bank stood at 95.13% as on December 31.