Union Bank of India's net profit falls 12.6% as provisions rise
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Mumbai, Aug. 22 -- Union Bank of India on Friday said its first-quarter net profit dropped 12.6% on the back of lower other income and higher provisioning.
In its investor presentation, the bank provided comparable numbers consolidating those of Andhra Bank and Corporation Bank with its own financials when they were separate entities. These three banks merged on 1 April and the June quarter numbers reflect the financials of the amalgamated entity.
The bank posted a net profit Rs.333 crore for the three months ended 30 June, against Rs.381 crore in the year-ago period. A Bloomberg poll of three analysts had estimated a loss of Rs.1,540.30 crore. On a consolidated basis, these banks reported a net loss of Rs.7,157 crore in the March quart...
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