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Union Bank posts Rs 1,194 crore Q2 loss

Total income for the September quarter rose to Rs 10,556.57 crore from Rs 9,438.26 crore in the same period a year ago, the bank said in a regulatory filing.

Its provisioning for bad loans jumped to Rs 3,328.30 crore for the quarter from Rs 1,710 crore parked aside for the same a year ago. Overall provisioning was Rs 3,858.75 crore as against Rs 1,715.55 crore.

State-owned Union Bank of India on Thursday reported a net loss of Rs 1,194 crore for the July-September quarter as against a net profit of Rs 139 crore in the same quarter of 2018-19 as provisioning increased during the quarter.

Total income for the September quarter rose to Rs 10,556.57 crore from Rs 9,438.26 crore in the same period a year ago, the bank said in a regulatory filing.

Its provisioning for bad loans jumped to Rs 3,328.30 crore for the quarter from Rs 1,710 crore parked aside for the same a year ago. Overall provisioning was Rs 3,858.75 crore as against Rs 1,715.55 crore.

The asset quality of the bank continued to remain in the bad territory as the gross non-performing assets (NPAs) stood at 15.24 per cent (Rs 49,850 crore) of the gross loans at the end of September 2019, as compared to 15.74 per cent a year ago. Recovery and upgradation during July–September 2019 increased by 69.2 per cent to Rs 1,303 crore as against Rs 770 crore in the June quarter. Net NPA ratio stood at 6.98 per cent as of September 2019 as against 7.23 per cent in June 2019 and 8.42 per cent in the same period as last year. Provision coverage ratio improved to 67.75 per cent as on September 30, 2019 as against 65.88 per cent as on June 30, 2019.

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Domestic advances increased by 2.5 per cent to Rs 309,449 crore as of September 2019 from Rs 302,007 crore a year ago. Retail advances grew by 15.7 per cent to Rs 59,335 crore from Rs 51,270 crore a year ago. Net interest income for July-September 2019 increased by 16.5 per cent to Rs 2,906 crore from Rs 2,494 crore for July-September 2018.

First published on: 15-11-2019 at 01:21 IST
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