{"id":77223,"date":"2018-05-11T12:57:26","date_gmt":"2018-05-11T12:57:26","guid":{"rendered":"http:\/\/www.bnreport.com\/union-bank-slips-to-12-year-low-on-weak-q4-earnings\/"},"modified":"2018-05-11T12:57:26","modified_gmt":"2018-05-11T12:57:26","slug":"union-bank-slips-to-12-year-low-on-weak-q4-earnings","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/union-bank-slips-to-12-year-low-on-weak-q4-earnings\/","title":{"rendered":"Union Bank slips to 12-year low on weak Q4 earnings"},"content":{"rendered":"

NEW DELHI<\/a>: Public lender Union Bank of India<\/a> developed cold feet on Friday as the stock dropped 5 per cent to a near 12-year low, hit by net loss for the fourth quarter due to higher bad loan provisioning. <\/p>\n

On Thursday, it reported a standalone net loss of Rs 2,583 crore for January-March, with higher provisions, contingencies and loss in investment hurting profitability. <\/p>\n

The bank had registered a net profit of Rs 108 crore in the March quarter of 2016-17. <\/p>\n

The state-owned lender dropped as much as 4.9 per cent to Rs 83.25, its lowest since July 24, 2006. At 09:53 am, the stock was down 3.76 per cent. <\/p>\n

On a consolidated basis for the year, net loss read Rs 5,212.47 crore against net profit of Rs 572.64 crore. Income went up to Rs 38,413.65 crore, from Rs 38,246.95 crore. <\/p>\n

On the asset front, gross non-performing assets (GNPAs) swelled to 15.73 per cent of gross advances by March-end, from 11.17 per cent in the year-ago period. Net NPA<\/a> ratio stood at 8.42 per cent (Rs 24,326.31 crore) compared with 6.57 per cent (Rs 18,832.10 crore). <\/p>\n

Accordingly, provisions for the quarter saw a jump to Rs 5,667.92 crore against Rs 2,444.12 crore in the previous year, it said in a regulatory filing. <\/p>\n

The bank's total business from overseas operations slipped to Rs 30,829 crore, from Rs 36,062 crore in the year-ago period. <\/p>\n

Bank's global advances grew 4 per cent to Rs 3,13,860 crore by March 2018, from Rs 3,01,684 crore a year earlier. Domestic advances too had a good run, increasing by 5.9 per cent to Rs 2,88,336 crore, from Rs 2,72,238 crore previously. <\/p>\n

\"gross<\/figure>\n

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Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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