Union Bank has reported a net profit of Rs 197 crore for the October-December quarter of FY12, decreased 66%, as compared to Rs 579.57 crore in the corresponding quarter last year.
Provisioning of the bank is posted at Rs 973 crore vs Rs 400 crore y-o-y.
Net Interest Income (NII) is reported at 1,781 crore.
The bank says that the decline in profits was due to high provisions which was mainly due to a major account of Rs 442 crore. Total slippages contained at Rs 566 crore.
The bank claims the Gross NPAs have increased and that the worst was left behind.
The corporate banking loss was at Rs 81 crore as compared to a profit of Rs 366 crore in the same quarter a year ago.
Also Read
Net NPA is 1.88% vs 2.04% q-o-q. Gross NPAs growth was at 3.33% vs 3.49% q-o-q
At 1209 hours, the shares of the bank were trading down by 1.95% at Rs 208.70 per share on the Bombay Stock Exchange.