Union Bank Q1 Net Profits Rise; Asset Quality Deteriorates

Business

oi-Sunil

By Sunil Fernandes

| Updated: Tuesday, July 28, 2015, 12:23 [IST]

Union Bank of India reported a net profit of Rs 518.78 crores for the quarter ending June 30, 2015, as against Rs 443.77 reported in the previous quarter.

The asset quality both at the gross and the net level of the bank worsened. The gross non performing assets were placed at 5.53 per cent of loans against 4.96 per cent in the previous quarter. The net non performing assets were placed at 3.08 per cent from 2.71 per cent in the previous quarter.

Union Bank and financials

Asset quality worries continue to weigh down public sector banks which have been grappling with non performing assets. Another PSU bank, Punjab National Bank which also reported numbers managed to see a slight improvement in asset quality.

The shares of Union Bank of India were trading flat at Rs 154, following the results.

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