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Last Updated : Jan 21, 2019 02:48 PM IST | Source: Moneycontrol.com

Union Bank Q3 profit at Rs 153 cr as provisions halve, asset quality improves

Provisions and contingencies halved to Rs 1,617.1 crore for the quarter ended December 2018 against Rs 3,254.4 crore in same period last year, and also declined 2.3 percent sequentially.

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Union Bank of India has reported net profit at Rs 153.2 crore for the December quarter against loss of Rs 1,249.8 crore in same period last year, driven by sharp fall in provisions and improvement in asset quality.

Net interest income, the difference between interest earned and interest expended, declined 2 percent year-on-year to Rs 2,494.1 crore in Q3.

Profit was far lower than CNBC-TV18 poll estimates of Rs 229.3 crore for the quarter.

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Provisions and contingencies halved to Rs 1,617.1 crore for the quarter ended December 2018 against Rs 3,254.4 crore in same period last year, and also declined 2.3 percent sequentially.

Asset quality improved sequentially in Q3. Gross NPA as a percentage of gross advances in Q3FY19 dropped to 15.66 percent against 15.74 percent in previous quarter and net NPA was lower at 8.3 percent against 8.42 percent in Q3FY18.

In absolute term, gross NPAs were lower by 0.88 percent sequentially to Rs 49,713 crore and net NPA by 2 percent to Rs 24,141 crore for the quarter ended December 2018.

At 14:45 hours IST, the stock was quoting at Rs 88.30, down Rs 4.00, or 4.33 percent on the BSE.
First Published on Jan 21, 2019 02:48 pm
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