Union Bank posts consecutive quarterly net loss at Rs 25.6 billion

The loss comes on the back of higher slippage in asset quality, which for Q4 stood at Rs 100.4 billion

Union Bank of India posted a net loss of Rs 25.6 billion for the quarter ending March 31 (Q4), against a net profit of Rs 1.08 billion in the corresponding quarter of the previous fiscal year. This is the second consecutive quarter the lender has posted a net loss. For the quarter ended December, the bank had posted a net loss of Rs 12.5 billion.

On an annual basis, the bank posted a consolidated net loss of Rs 52.5 billion for FY18, compared to a net profit of Rs 5.7 billion at the end of FY17. 

The loss comes on the back