Union Bank Q4 net drops 23% on higher provisioning

Union Bank of India today posted 23.34 per cent decline in its net profit at Rs 443.77 crore for the fourth quarter ended on March 31, mainly on higher provisioning of bad loans.

The bank had clocked a net profit of Rs 578.91 crore in the January-March quarter of 2013-14 financial year.

Provisioning for bad loans rose to Rs 1,009 crore during fourth quarter of 2014-15, from Rs 920 crore in same quarter last year.

Gross non-performing assets (NPA) of the bank rose to 4.96 per cent at the end of March from 4.08 per cent in a year ago period.

Total income increased to Rs 9,383.71 crore during the fourth quarter, from Rs 8,444.95 crore last year.

For the full 2014-15 fiscal, the bank reported a net profit of Rs 1,781.64 crore, up 5.04 per cent at over Rs 1,696.20 crore in the previous financial year.

Total income in 2014-15 increased to Rs 35,606.96 from Rs 32,170.93 crore in 2013-14 fiscal.

Share of Union Bank were trading at Rs 143.90, up 2.60 per cent on the BSE.