Fourth quarter result: Union Bank posts Rs 2,583-crore loss

On the asset front, bank's gross non-performing assets (NPAs) rose to 15.73 per cent of gross advances by the end of March 2018 from 11.17 per cent in the year-ago period.

Union Bank shares fell by 4.57 per cent to Rs 87.65 on the BSE on Thursday.

Union Bank of India has reported a standalone net loss of Rs 2,583 crore for fourth quarter ended March 2018 due to higher provisions and contingencies and loss in investment. The loss in March quarter included investment depreciation of Rs 1,120 crore.

On the asset front, bank’s gross non-performing assets (NPAs) rose to 15.73 per cent of gross advances by the end of March 2018 from 11.17 per cent in the year-ago period. In absolute term, gross NPAs were Rs 49,369.93 crore against Rs 33,712.28 crore. Union Bank shares fell by 4.57 per cent to Rs 87.65 on the BSE on Thursday.

The bank had registered a net profit of Rs 108 crore in the same period of January-March quarter of 2016-17. Provisions for the quarter rose to Rs 5,667.92 crore as against Rs 2,444.12 crore in the same period a year earlier, it said. There were slippages to the tune of Rs 10,043 crore in the last quarter of 2017-18, the bank said.

Federal Bank shares fall 11.57 per cent

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Mumbai: Federal Bank shares fell 11.57 per cent to Rs 89.45 on the BSE after the bank’s weak results disappointed the market.

The bank reported a 44 per cent fall in net profit in the March quarter, mainly due to a sharp rise in provisions for bad loans. The bank also recognised Rs 872 crore of slippages.—ENS