Union Bank Q1 net profit falls 13% to Rs.333 crore
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Mumbai, Aug. 21 -- Union Bank on Friday said its first-quarter net profit dropped 12.67% on the back of lower other income and higher provisioning.
In its investor presentation, the bank also provided the comparable numbers consolidating those of Canara Bank and Syndicate Bank, when they were separate entities. These two banks merged on 1 April and the June quarter numbers reflect the financials of the amalgamated entity.
The bank posted a net profit Rs.332.74 crore for the three months ended 30 June, against Rs.224.43 crore in the year-ago period. A Bloomberg poll of 3 analysts had estimated a loss of Rs.1540.30 crore.
Provisions during the quarter rose 4.61% to Rs.3701 crore, from Rs.3538 crore a year ago. During the January-March qu...
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