Union Bank Q1 net profit falls 22% to Rs 519 crore

Gross NPAs rise to 5.53% in the June quarter, from 4.27% in the year ago period

Union Bank of India, the nation's sixth-biggest state-run lender by assets, reported a smaller-than-expected 22 percent fall in quarterly profit even as bad loans rose.

Net profit fell to Rs 519 crore during its fiscal first quarter to June 30, from Rs 664 crore reported a year earlier, the Mumbai-based lender said. Analysts on average had expected a net profit of Rs 499 crore, according to data compiled by Thomson Reuters.

 

Gross non-performing assets (NPAs) as a percentage of total loans rose to 5.53 percent in the June quarter from 4.96 percent in the previous three months and 4.27 percent in the same period a year earlier.