Higher provisioning towards bad loans and restructured loans tempered Union Bank of India’s net profit growth in the April-June quarter.
In the reporting quarter, the public sector bank reported a 10 per cent increase in net profit at 512 crore against Rs 464 crore in the same quarter last year.
Net interest income (the difference between interest earned and expended) was up by 15.59 per cent at Rs 1,822 crore (Rs 1,590 crore). Non-interest income nudged up marginally to Rs 491 crore (Rs 484 crore).
According to Mr D Sarkar, Chairman and Managing Director, provisioning increased as some lumpy accounts (about 10 loan accounts aggregating Rs 900 crore) had to be downgraded as the borrowers could not get short-term loans from other banks to pay-off the loans.
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