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Union Bank of India Q4 profit rises 13 percent, misses estimates
May 8, 2017 / 1:42 PM / 7 months ago

Union Bank of India Q4 profit rises 13 percent, misses estimates

REUTERS - Union Bank of India Ltd on Monday posted a 13 percent rise in its fourth-quarter net profit as the gross bad-loan ratio eased sequentially, but fell short of analysts’ expectations.

People walk past the Union Bank of India branch in Kolkata, India April 11, 2017. REUTERS/Rupak De Chowdhuri/Files

The country’s sixth-biggest public sector lender by assets said net profit for the March quarter stood at 1.08 billion rupees ($16.79 million).

Analysts on average had expected a fourth-quarter net profit of 1.89 billion rupees, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans stood at 11.17 percent at the end of March, compared with 11.70 percent in the preceding quarter, and 8.70 percent a year earlier.

($1 = 64.3050 Indian rupees)

Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Subhranshu Sahu

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