Union Bank Q3 net profit slips 74% at Rs 79 cr

By: |
Mumbai | February 11, 2016 2:54 PM

The bank had posted net profit of Rs 302.42 crore for the third quarter of last fiscal, 2014-15.

union bank q2Total provisions, excluding for income tax, rose significantly to Rs 1,237.65 crore as against Rs 851.92 crore in the year-ago period. (PTI)

State-owned Union Bank of India today reported 74 per cent decline in net profit at Rs 78.5 crore for the third quarter of the current fiscal.

The bank had posted net profit of Rs 302.42 crore for the third quarter of last fiscal, 2014-15.

Total income decreased to Rs 8,802 crore for the quarter ended December 31, 2015, from Rs 8,921 crore in the year ago period, Union Bank of India said in a statement.

“During the quarter, the bank has recognised deferred tax assets amounting to Rs 332.04 crore which was hitherto recognised as at the year-end, in accordance with the applicable Accounting Standards. Accordingly, figures of previous corresponding reporting periods are not comparable,” it said.

Gross NPAs as a percentage to total advances rose significantly to 7.05 per cent from 5.08 per cent in the same quarter a year ago.

Net NPAs went up to 4.07 per cent from 2.95 per cent at the end of December 2014.

Total provisions, excluding for income tax, rose significantly to Rs 1,237.65 crore as against Rs 851.92 crore in the year-ago period.

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