Union Bank Q4 net down 26% at Rs 578 cr on NPA, high provisions

Rise in bad loans and higher contingencies dragged down net profit of state-owned Union Bank of India (UBI) by 26.7 per cent at Rs 578.96 crore for the fourth quarter ended March 31, 2013.

The bank had reported net profit (standalone) of Rs 789.38 crore over the corresponding period a year ago.

Bank's total income on the standalone basis for the January-March period of 2013-14 stood at Rs 8,444.95 crore, up from Rs 7,500.59 crore a year earlier, it said in a BSE filing.

The contingencies towards bad loans were substaintially raised to Rs 920.52 crore during the quarter under review from of Rs 655.53 crore made in the year-ago period.

The net non-performing assets (NPAs) or bad loans in the fourth quarter rose to 2.33 per cent (Rs 5,340.08 crore) from 1.61 per cent (Rs 3,353.38 crore).

Gross NPAs also increased substaintially at 4.08 per cent (Rs 9,563.72 crore) over 2.98 per cent (Rs 6,313.83 crore).

For the full fiscal 2013-14, bank's standalone net profit were down at Rs 1,696.25 crore from Rs 2,157.93 crore in 2012-13.

Total income in the financial year rose to Rs 32,170.93 crore over Rs 27,676.73 crore a year ago.

Shares of the bank were trading 2.3 per cent higher at Rs 148.95 apiece on the BSE in the afternoon.

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