Union Bank of India Q3 PAT seen down 8% at Rs 532.5 cr

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Union Bank of India Q3 PAT seen down 8% at Rs 532.5 cr

State-owned Union Bank of India is likely to report a profit after tax of Rs 532.5 crore in the third quarter of FY12, a fall of 8% as compared to Rs 579.6 crore in the corresponding quarter of last fiscal

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State-owned Union Bank of India is likely to report a profit after tax of Rs 532.5 crore in the third quarter of FY12, a fall of 8% as compared to Rs 579.6 crore in the corresponding quarter of last fiscal.

Net interest income is seen going up by 7% to Rs 1,732 crore from Rs 1615.8 crore year-on-year.

Expectations

- Pressure on profits as a result of increased provisioning

- Expect loan growth to be slightly sluggish at 17%

- Deposit growth at 11%

- Non interest income expected to grow 9%

- Expect NIMs to remain stable as decline in slippages would cushion margins
*NIMs in Q2 were 3.21%

- Decline in slippages likely 
*Bank completed 100% transition to system based NPA recognition

- But restructuring is likely to increase due to higher stress in the system