Union Bank of India has reported less than expected numbers in the third quarter of FY12 due to corporate banking losses and fall in treasury operations. Its Q3 net profit fell 66% to Rs 197 crore as against Rs 579.6 crore in the corresponding quarter of last fiscal.
The bank reported a loss of Rs 81 crore in its corporate banking division as against profit of Rs 366 crore year-on-year. Its treasury operations' profit dropped nearly 43% to Rs 190 crore from Rs 332 crore during the same period.
Net interest income increased 10% to Rs 1,781 crore from Rs 1615.8 crore year-on-year.
Provisioning of seventh largest bank in public sector by total assets jumped 143.25% to Rs 973 crore in the quarter ended December FY12 as against Rs 400 crore in a year ago quarter.
Net non-performing assets (NPAs) stood at 1.88% - less as compared to 2.04% in the previous quarter. Even gross NPAs declined at 3.33% versus 3.49% quarter-on-quarter.
The bank reported gross NPAs at Rs 5,209 crore in October-December quarter of FY12 as against Rs 5,136 crore in an earlier quarter.
Source: www.moneycontrol.com
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