Union Bank of India tanks 5% as gross NPAs surge in Q3

Shares of Union Bank of India tanked over 5% after the public sector bank's gross non-performing assets rose to 11.70% in the December quarter from 7.05% reported in the same quarter of last financial year.

The net NPA of the bank came in at 6.95% in Q3 from 4.07% in the same quarter of FY16. 

Reacting to the earnings, the stock of UBI slipped as much as 5.4% to Rs 158 on the BSE. 

Union Bank's provision coverage ratio stood at 50.62 per cent, while fresh slippages in the quarter came in at Rs 3294 crore.

It reported 32.4% jump in net profit at Rs 104 crore in Q3 against Rs 78.54 crore posted in the same quarter of FY16.