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Union Bank of India quarterly result. Net profit falls to Rs 464 crore

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Union Bank of India Q1 profit decreases to Rs 464 cr
The share prices of Union Bank of India have been under pressure since profit fell despite increase in total income, as it announced its June quarter result on June 30, 2011.

According to it the result for the Quarter ended June 30, 2011. The Bank has posted a decline in net profit from Rs 601.42 crore for the quarter ended June 30, 2010 to Rs 464.42 crore for the quarter ended June 30, 2011. A fall by 22.8%.

 

Meanwhile, total income for the company increased from Rs 4120.66 crore for the quarter ended June 30, 2010 to Rs 5399.68 crore for the quarter ended June 30, 2011. Registering an increase by 31%.

Even though total income for the company increased by 31% but its Provisioning was reported to be at Rs 428 crore vs Rs 197 crore. Net NPAs at 1.32% as compared to 1.19% q-o-q. Gross NPAs at Rs 3,745 crore.

The standalone net profit for the quarter was posted down by 22%

The bank's Capital Adequacy Ratio (CAR) is at 12.88%. And the gross NPA (non-performaing asset) is at 2.57%.

OneIndia Money

Story first published: Friday, July 22, 2011, 11:43 [IST]
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