Union Bank of India Q1 profit falls nearly 30% to Rs117 crore, bad loans rise
Bengaluru: State-run Union Bank of India reported nearly 30% fall in first-quarter net profit as provisions for bad loans remained high.
Net profit fell to Rs117 crore ($18.27 million), for the three months ended 30 June, from Rs166 crore a year ago, the Mumbai-based bank said on Thursday.
Analysts on an average had expected the bank to report a net profit of Rs195 crore, according to Thomson Reuters data.
As of end-June, gross bad loans as a percentage of total loans rose to 12.63% from 11.17% at the end of March, and 10.16% at end-June 2016. Reuters