Afternoon D & C Dedicated To Mumbai
Home > Business > Union Bank net loss widens to Rs 3,370 crore in Q4 on higher provisioning

Union Bank net loss widens to Rs 3,370 crore in Q4 on higher provisioning

Wednesday, May 15, 2019

State-owned Union Bank of India yesterday said its net loss widened to Rs 3,370 crore in the fourth quarter of 2018-19, mainly on account of higher provisioning. The company had registered a net loss of Rs 2,583.38 crore in the same quarter of the preceding fiscal.

However, the bank had posted a net profit of Rs 153.21 crore in the third quarter of 2018-19. Total income in three months to March grew to Rs 9,621.01 crore, as against Rs 9,596.86 crore in the same period of 2017-18.

For entire 2018-19, the bank reported a net loss of Rs 2,922.35 crore on a consolidated basis, as against Rs 5,212.47 crore loss in 2017-18. Income during the year stood at Rs 39,355.38 crore, up from Rs 38,413.65 crore a year earlier.

The asset quality of the bank remained poor with the gross non-performing assets (NPAs) standing at 14.98% of gross advances at March-end 2019 against 15.73% as of March 31, 2018.

Net NPAs came down to 6.85% from 8.42%.The high level of bad asset ratio compelled the bank to make higher provisioning of Rs 5,783.09 crore for March quarter, compared to Rs 5,638.57 crore in the year-ago period.

The bank's provision coverage ratio as on March 31, 2019 stood at 66.24%, as against 57.16% a year ago.

COMMENTS
No Comments Posted
POST YOUR COMMENTS
Name:  
 
Email:    
Comments:
 
 
City news
VVPATs could delay counting of votes, results lik
The Nationalist Congress Party (NCP) yesterday go
A day before counting of votes for the ...
I am in a fix. I have been happily married for 4
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Astrology
Select Sun sign:
 
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)You are likely to remain careful and watchful today, foretells Ganesha. And because you'll be invited to parties and other social events, your enthusiasm will remain buoyant. You will also strike the right balance between business and pleasure, says Ganesha.
- Advertising -
Women play a major role in keeping traditional Ko
The school dropout rate among Muslim girls has re
Winter is setting in and with high pollution leve
Read More