Union Bank of India has registered a net loss to the tune of Rs.3,370 crore in the fourth quarter of FY18-19. In comparison, the public sector lender had registered a loss of Rs.2,583.38 crore in the year-ago period. The lender has, however, posted a profit of Rs.153.21 crore in the third quarter of the last financial year.
The total income of the bank grew by 0.3% YoY to touch Rs.9,621.01 crore, as against a total income of Rs.9,596.86 crore in the year–ago period.
For the whole of the last financial year, Union Bank of India registered a net loss of around Rs.2,922.35 crore, in comparison to a net loss of Rs.5,212.47 crore in the year-ago period. The lender’s income during FY18-19 touched Rs.39,355.38 crore, as against a total income of Rs.38,413.65 crore in the corresponding period during FY18.
The bank’s gross NPAs stood at 14.98% of the gross advances during the period under review, while the net NPAs reduced to 6.85% from 8.42%. Further, Union Bank of India’s provision coverage ratio touched 66.24% as on 31 March 2019, in comparison to 57.16% in the corresponding period during FY17-18.
The lender announced that its cash recovery and upgradation increased by a total of 188.5% to touch Rs.6,447 crore during FY18-19, in comparison to Rs.2,235 crore in FY17-18.
Source: The Times of India, Livemint