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BUZZ-Union Bank of India falls as Q1 bad loan provisions rise
August 11, 2017 / 4:10 AM / a month ago

BUZZ-Union Bank of India falls as Q1 bad loan provisions rise

** Union Bank of India Ltd’s shares fall as much as 7.7 pct to 124 rupees; lowest in over 7 months

** State-run bank’s Q1 profit fell about 30 pct to 1.17 bln rupees ($18.23 mln), missing analysts’ average estimate, according to Thomson Reuters data

** As of end-June, gross bad loans as a percentage of total loans rose to 12.63 percent from 11.17 percent at the end of March

** “Ageing of the NPL (non-performing loan) portfolio and continued elevated slippages and credit costs will pressurize earnings,” Motilal Oswal analysts wrote in a note

** Out of 29 analysts covering the stock, five rate it “buy” or higher, eight “hold”, the rest “sell” or lower ($1 = 64.1925 Indian rupees)

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