August 10, 2017 / 1:44 PM / a year ago

Union Bank of India first-quarter profit dives, bad loans rise

(Reuters) - State-run Union Bank of India reported nearly 30 percent fall in first-quarter net profit as provisions for bad loans remained high.

The logo of Union Bank of India is pictured on the wall of its branch in Kolkata, April 11, 2017. REUTERS/Rupak De Chowdhuri/Files

Net profit fell to 1.17 billion rupees ($18.27 million), for the three months ended June 30, from 1.66 billion rupees a year ago, the Mumbai-based bank said on Thursday.

Analysts on an average had expected the bank to report a net profit of 1.95 billion rupees, 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, and 10.16 percent at end-June 2016.

($1 = 64.0400 Indian rupees)

Reporting by Tanvi Mehta in Bengaluru; Editing by Sherry Jacob-Phillips

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