State-run Union Bank of India reported nearly 30 percent fall in first-quarter net profit as provisions for bad loans remained high.
Net profit fell to 1.17 billion rupees ($18.27 million), for the three months ended June 30, from 1.66 billion rupees a year ago, the Mumbai-based bank said on Thursday. http://bit.ly/2urC6Wr
Analysts on an average had expected the bank to report a net profit of 1.95 billion rupees, according to Thomson Reuters data.
As of end-June, gross bad loans as a percentage of total loans rose to 12.63 percent from 11.17 percent at the end of March, and 10.16 percent at end-June 2016.($1 = 64.0400 Indian rupees)
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