Union Bank registers net profit of Rs.139.03 crore in Q2FY19

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Union Bank, a leading public sector lender, registered a net profit to the tune of Rs.139.03 crore in the second quarter of the current financial year. In comparison, the bank had registered a net loss of Rs.1,530.72 crore in the year-ago period. Union Bank registered a net profit of Rs.129.54 crore in the first quarter of FY19.

Union-Bank
Union Bank registers a net profit of Rs.139.03 crore in Q2FY19.

Union Bank’s total income for the period under review was Rs.9,438.26 crore, in comparison to Rs.9,439.73 crore in the second quarter of the previous fiscal. The provisions for bad loans reduced to Rs.1,710.01 crore during the quarter that ended in September 2018, in comparison to Rs.3,464.71 crore in the year-ago period.

The bank’s gross NPA touched 15.74% in the second quarter of the current financial year, in comparison to a gross NPA of 12.35% in the second quarter of the previous financial year. The public sector lender’s net NPA increased to 8.42% during the second quarter of FY19, in comparison to 6.70% in the year-ago period.

In absolute terms, the bank’s gross NPAs hit Rs.50,157.42 crore during the period under review, in comparison to Rs.38,285.84 crore in the second quarter of the previous financial year. Union Bank’s net NPAs stood at Rs.24,656.94 crore in the second quarter of FY19, in comparison to Rs.19,479.39 crore in the year-ago period. The bank’s provision coverage ratio touched 57.66% as on September 2018.

Sources: The Times of India, The Economic Times

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