You are here: Home » Reuters » News
Business Standard

Union Bank of India first-quarter profit dives, bad loans rise

Reuters 

(Reuters) - State-run Union Bank of India reported nearly 30 percent fall in first-quarter net profit as provisions for bad loans remained high.Net profit fell to 1.17 billion rupees ($18.27 million), for the three months ended June 30, from 1.66 billion rupees a year ago, the Mumbai-based bank said on Thursday. http://bit.ly/2urC6WrAnalysts on an average had expected the bank to report a net profit of 1.95 billion rupees, according to Thomson Reuters data.As of end-June, gross bad loans as a percentage of total loans rose to 12.63 percent from 11.17 percent at the end of March, and 10.16 ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Thu, August 10 2017. 19:13 IST
RECOMMENDED FOR YOU