Union Bank Q2 profit declines by 62% to Rs 208 cr

Company posted net profit of Rs 555 crore for the same period of last fiscal

Union Bank of India today reported 62.4% decline in net profit to Rs 208.12 crore for the July-September quarter of 2013-14 fiscal.

It had posted net profit of Rs 554.56 crore for the same period of last fiscal, 2012-13.

However, the total income in Q2, 2013-14 increased to Rs 7,882.29 crore, from Rs 6,655.66 crore in the year-ago period.

The provision and contingencies of the bank rose to Rs 936.75 crore as compared to Rs 487.09 crore in the same period a year ago, Union Bank of India said in a filing to the BSE.

During the first half of the current fiscal, the bank's net profit also slipped by 28% at Rs 768.34 crore, as against Rs 1,066.15 crore in H1, 2012-13.

The total income rose to Rs 15,495.82 crore in the first six months from Rs 13,216.76 crore in the year-ago period.

As of September 30, 2013, gross non-performing assets (NPAs) of the bank was 3.64% of gross advances, as against 3.66% year a year ago.

Its net non-performing assets during Q2, 2013-14 rose from 2.15% from 2.06%.