Union Bank posts Rs 1,250 cr loss

Source: The Hitavada      Date: 04 Feb 2018 10:25:37


MUMBAI,

Feb 3,

(PTI),

FRONT-LOADING of provisions for the NCLT accounts led State-run Union Bank of India on Saturday report a net loss of Rs 1,250 crore in the December quarter as against a net profit of Rs 104 crore a year ago.

In the September quarter also, the city-based lender had reported a massive Rs 1,531 crore losses. The bank’s bad loan provisions for the quarter jumped to Rs 2,521 crore form Rs 1,582 crore a year ago as its gross non-performing assets rose to 13.03 per cent from 11.70 per cent, and net NPAs inched up to 6.96 per cent from 6.95. Another reason for the higher losses is the additional provisions worth Rs 1,400 crore.

During the quarter the bank's treasury income dropped significantly to Rs 155 crore due to the recent surge in bond yields. It had booked a treasury gain of Rs 822 crore in the year-ago period.