February 3, 2018 / 11:22 AM / 18 days ago

Union Bank posts $195 million third-quarter loss

NEW DELHI (Reuters) - State-run Union Bank of India Ltd on Saturday posted a net loss of 12.5 billion rupees ($194.95 million) for the third quarter, weighed down by provisions made for borrowers undergoing bankruptcy proceedings.

The net loss for the period ending Dec. 31 compared with a profit of 1.04 billion rupees in the year-ago quarter.

Gross bad loans as a percentage of total loans stood at 13.03 percent at end-December, versus 12.35 percent at end-September and 11.70 percent a year earlier, the bank said in a statement.

($1 = 64.1200 Indian rupees)

Reporting by Krishna V Kurup in Bengaluru and Aditya Kalra in New Delhi; editing by Mark Heinrich

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