 "People stand in a long queue to withdraw money at an ATM in Allahabad")
Public sector lender Union Bank of India’s net profit for the first quarter ended June 2017 (Q1FY18) dipped by 30.1 per cent to Rs 116 crore on a sharp rise in provisions for bad loans and taxes.
The Mumbai-based lender had posted a net profit of Rs 166 crore in April-June 2016 (Q1FY17).
Its asset quality came under pressure due to slippages in the first quarter of FY18. Sequentially Gross Non-performing Assets (GNPAs) rose by Rs 3,574 crore to Rs 37,286 crore (12.63 per cent) over level for Rs 33,712 crore (11.17 per cent) at end of March 2017. The
