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5.3

Union Bank of India hits 52-week low on dismal Q3 numbers

Shares of Union Bank of India touched a 52-week low of Rs 120.65, falling 5.7 percent intraday Monday on the back of dismal Q3 (Oct-Dec) performance.

Union Bank of India posted a net loss of Rs 1,250 crore for December quarter against a profit of Rs 104 crore in previous year.

Net interest income, the difference between interest earned and interest expended, grew by 19.3 percent to Rs 2,548.3 crore compared to Rs 2,136.6 crore in same quarter last year due to growth in net interest margin and loans.

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In absolute terms, gross NPAs fell 7 percent sequentially to Rs 40,988.4 crore and net NPAs declined 5 percent to Rs 20,428.2 crore compared to previous quarter.

Slippages at the end of December quarter were higher at Rs 4,187 crore, compared to Rs 2,686 crore as of September quarter.