Union Bank shares tank nearly 8% on NPA woes

Shares of Union Bank of India today plunged nearly 8 per cent after the company's gross non-performing assets rose sharply in the quarter ended December 31, 2016.
The stock ended the day with a loss of 7.86 per cent at Rs 153.65 on BSE. During the day, it declined 8.72 per cent to Rs 152.20.
At NSE, shares of the company tanked 7.59 per cent to close at Rs 153.90.
The company's market valuation declined by Rs 900.47 crore to Rs 10,562.53 crore.
On the volume front, 25.13 lakh shares of the company were traded on BSE and over two crore shares changed hands at NSE during the day.

Public-sector Union Bank of India yesterday reported a 32.4 per cent jump in net profit to Rs 104 crore for third quarter ended December 31, 2016.

The bank's net profit had stood at Rs 78.54 crore in the year-ago period.
"Its total income increased to Rs 9,589.45 crore for the quarter ended December 31, 2016 from Rs 8,802.06 crore for the same quarter of previous fiscal," Union Bank said in a BSE filing.
On asset quality, the bank said slippages during the quarter came down sequentially, even though on year-on-year basis the gross non-performing assets (NPAs) stood at 11.70 per cent of gross advances against 7.05 per cent year ago.

Net NPAs were 6.95 per cent as, against 4.07 per cent.