Union Bank net profit falls 23% on higher provisioning

Union Bank of India on Tuesday posted a 23.34 per cent fall in its net profit at Rs 443.77 crore for the fourth quarter ended on March 31, mainly on higher provisioning for bad loans.

The bank had clocked a net profit of Rs 578.91 crore in the January-March quarter of 2013-14 financial year.

Provisioning for bad loans rose to Rs 1,009 crore during fourth quarter of 2014-15, from Rs 920 crore in same quarter last year.

Gross non-performing assets (NPA) of the bank rose to 4.96 per cent at the end of March from 4.08 per cent in a year ago period.

Total income increased to Rs 9,383.71 crore during the fourth quarter, from Rs 8,444.95 crore last year. For the full 2014-15 fiscal, the bank reported a net profit of Rs 1,781.64 crore, up 5.04 per cent at over Rs 1,696.20 crore in the previous financial year.

Total income in 2014-15 increased to Rs 35,606.96 from Rs 32,170.93 crore in 2013-14 fiscal. Share of Union Bank were trading at Rs 143.90, up 2.60 per cent on the BSE.