 "Union Bank of India rebounds post Q4 results")
Union Bank of India has moved higher by 3.5% at Rs 145, bouncing back 8% from its intra-day low on the NSE, after the state-owned bank said its gross net performing assets (NPA) decreased to 4.96% as on March 31, 2015 (Q4FY15) from 5.08% as on December 31, 2014. Net NPA ratio reduced to 2.71% from 2.95% on sequential basis.
“Amount of quarterly slippages has been declining for three consecutive quarters from Rs 1,968 crore in Q2FY15 to Rs 1,738 crore in Q3FY15 and further to Rs 1,547 crore in Q4FY15”, Union Bank of India said in a statement.
The bank’s standalone net profit during the quarter under review declined 23.3% to Rs 444 crore over the previous year quarter. Net interest income grew 3% to Rs 2,122 crore from Rs 2,052 in previous year quarter.
The stock opened at Rs 141 and touched a low of Rs 134 on the NSE before the announcements of Q4 results. It hit a high of Rs 147 and has seen a combined 12.84 million shares changed hands till 1331 hours on the NSE and BSE.
“Amount of quarterly slippages has been declining for three consecutive quarters from Rs 1,968 crore in Q2FY15 to Rs 1,738 crore in Q3FY15 and further to Rs 1,547 crore in Q4FY15”, Union Bank of India said in a statement.
The bank’s standalone net profit during the quarter under review declined 23.3% to Rs 444 crore over the previous year quarter. Net interest income grew 3% to Rs 2,122 crore from Rs 2,052 in previous year quarter.
The stock opened at Rs 141 and touched a low of Rs 134 on the NSE before the announcements of Q4 results. It hit a high of Rs 147 and has seen a combined 12.84 million shares changed hands till 1331 hours on the NSE and BSE.