The bank declared its Q2 earnings after trading hours yesterday, 14 November 2019.Union Bank of India reported net loss of Rs 1,193.61 crore in Q2 September 2019 compared with net profit of Rs 139.03 crore in Q2 September 2018. Total income rose 11.84% to Rs 10,556.57 crore in Q2 September 2019 over Q2 September 2018.
The Net Interest Income (NII) for July-September 2019 increased by 16.5% to Rs 2,906 crore from Rs 2,494 crore for July-September 2018. The global NIM for July-September 2019 improved to 2.35% as against 2.18% for July-September 2018.
The Current Account-Savings Account (CASA) ration fell to 33.8% in Q2 September 2019 from 35.3% in Q2 September 2018.
The bank's gross non-performing assets (NPAs) stood at Rs 49,850.48 crore as on 30 September 2019 as against Rs 48,811.88 crore as on 30 June 2019 and Rs 50,157.42 crore as on 30 September 2018.
The ratio of gross NPAs to gross advances stood at 15.24% as on 30 September 2019 as against 15.18% as on 30 June 2019 and 15.74% as on 30 September 2018.
The ratio of net NPAs to net advances stood at 6.98% as on 30 September 2019 as against 7.23% as on 30 June 2019 and 8.42% as on 30 September 2018.
The bank's provisions and contingencies soared 124.93% to Rs 3,858.75 crore in Q2 September 2019 from Rs 1,715.55 crore Q2 September 2018.
Provision Coverage Ratio improved to 67.75% as on 30 September 2019 as against 65.88% as on 30 June 2019.
Government of India holds 74.28% stake in IDBI Bank as on 30 September 2019.
Share of Union Bank of India rose 1.82% to Rs 53.25. The stock was trading in the range of Rs 50.80 to Rs 54.70 so far during the day.
Union Bank of India offers products and services in three categories: deposits, loans and advances, and remittances and collections. Its segments include treasury operations, corporate and wholesale banking, retail banking operations and other banking operations.
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