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BUZZ-Union Bank of India rises; improvement in asset quality encouraging - CLSA
November 6, 2017 / 4:46 AM / a month ago

BUZZ-Union Bank of India rises; improvement in asset quality encouraging - CLSA

** Shares of Union Bank of India rise as much as 6.1 pct to 184 rupees

** Bank posted surprise Q2 loss, mainly due to front-loading of provisions for bankruptcy cases

** Q2 additional bad loans fell 40 percent Q-o-Q

** While profitability levels are low, improvement in asset quality trends are encouraging, CLSA analysts say

** Chief Executive Rajkiran Rai G said bank aims for 10 pct loan growth in 2017/2018 fiscal year; saw return to profitability from March qtr

** Up to Friday’s close, stock has risen 41 pct this year ($1 = 64.6800 Indian rupees)

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