Union Bank of India has dipped over 7% to Rs 138 on the BSE, after the bank said its gross non-performing assets (NPAs), as a percentage of total assets, increased to 4.08% in the March quarter from 3.85% at the end of December quarter.
Net NPAs, too, rose to 2.33% in the March quarter from 2.26% three months earlier, Union Bank of India said in a statement.
Meanwhile, the state-owned bank has reported a 26.6% year-on-year drop in net profit at Rs 579 crore for the quarter ended March 31, 2014 (Q4), due higher operating cost and provisioning for bad loans. The bank had posted a profit of Rs 789 crore in the same quarter last year.
Net interest income, the difference between interest earned and paid, grew marginally 3.6% to Rs 2,052 crore as against Rs 1,979 crore in the corresponding quarter of previous fiscal.
The stock opened at Rs 148 and touched a high of Rs 149 before the announcement of results. A combined 8.4 million shares changed hands on the counter so far on the NSE and BSE.
Net NPAs, too, rose to 2.33% in the March quarter from 2.26% three months earlier, Union Bank of India said in a statement.
Meanwhile, the state-owned bank has reported a 26.6% year-on-year drop in net profit at Rs 579 crore for the quarter ended March 31, 2014 (Q4), due higher operating cost and provisioning for bad loans. The bank had posted a profit of Rs 789 crore in the same quarter last year.
Net interest income, the difference between interest earned and paid, grew marginally 3.6% to Rs 2,052 crore as against Rs 1,979 crore in the corresponding quarter of previous fiscal.
The stock opened at Rs 148 and touched a high of Rs 149 before the announcement of results. A combined 8.4 million shares changed hands on the counter so far on the NSE and BSE.
