Union Bank of India Ltd said its second quarter net profit fell to Rs303.4 crore from Rs505.1 crore same quarter last year due to substantial increase in non-performing assets (NPAs).
During the September quarter, the lender's total revenues increased to Rs4461.9 crore from Rs3760.9 crore. However it said its net profit was impacted by substantial increase in non-performing asset provision of Rs629 crore as against Rs102 crore in the corresponding period of the previous year, the bank said in a regulatory filing.
On Thursday, Union Bank of India shares fell 5.6% at Rs392 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.1% to 20,005 points.
Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
Fiercely independent and pro-consumer information on personal finance.
1-year online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
Complete access to Moneylife archives since inception ( till the date of your subscription )
