Union Bank of India today said its net profit declined by 23 per cent to Rs 1,356.44 crore for the year ended March 2016.
Bank’s net profit stood at Rs 1,760.52 crore in the 2014-15 fiscal.
Total income of the bank, however, increased marginally in 2015-16 to Rs 36,250.10 crore from Rs 36,121.40 crore in the previous fiscal, the bank said in a regulatory filing.
The bank did not provide numbers for the January-March quarter of 2015-16.
On asset front, the gross non-performing assets (NPAs) or bad loans shot up to 8.70 per cent of gross advances as of March 2016 as against 4.96 per cent a year ago. In absolute terms, the gross bad loans were Rs 24,170.89 crore, up from Rs 13,030.87 crore.
Net NPAs were 5.25 per cent (Rs 14,025.94 crore) during the fiscal as against 2.71 per cent (Rs 6,918.97 crore).
The bank said following to the RBI circular, it made a provision of Rs 907.75 crore during the year for frauds/suspected frauds.
Shares of Union Bank closed 1.28 per cent up at Rs 110.75 apiece on BSE.
