Union Bank's Q1 net down 30% at Rs 116 cr

Union Bank stock closed 5% down at Rs 134 per share on the BSE

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People stand in a long queue to withdraw money at an ATM in Allahabad

Abhijit Lele Mumbai

Last Updated : Aug 11 2017 | 1:06 AM IST

Public sector lender Union Bank of India’s net profit for the first quarter ended June 2017 (Q1FY18) dipped by 30.1 per cent to Rs 116 crore on a sharp rise in provisions for bad loans and taxes.

The Mumbai-based lender had posted a net profit of Rs 166 crore in April-June 2016 (Q1FY17).

Its asset quality came under pressure due to slippages in the first quarter of FY18. Sequentially Gross Non-performing Assets (GNPAs) rose by Rs 3,574 crore to Rs 37,286 crore (12.63 per cent) over level for Rs 33,712 crore (11.17 per cent) at end of March 2017. The

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