Union Bank reports narrowing net loss of Rs 2,503 cr in March quarter

State-owned Union Bank of India on Tuesday reported narrowing of its standalone net loss to Rs 2,503.18 crore in the fourth quarter ended March 2020.

The bank had posted a net loss of Rs 3,369.23 crore during the same quarter of the previous financial year. Sequentially, there was a net profit of Rs 574.58 crore in the third quarter of 2019-20.

Standalone income during the March 2020 quarter rose to Rs 11,306.99 crore from Rs 9,621.01 crore a year ago, the bank said in a regulatory filing.

Its provisioning for bad loans and contingencies in April-March 2020 fell to Rs 3,501.69 crore, compared