Union Bank profits slip 68% in first quarter

Union Bank Of India

TheUNION-BANK-OF-INDIA- Union Bank has reported a 67.90 per cent decline in net profit to Rs. 166.30 crore in the quarter ended June 30 from Rs. 518.80 crore recorded in the corresponding period last year.

The net profit for the state-run lender in the quarter, however, was 72.2% higher over the January-March period.

Global business in the quarter grew by 4.2 % to Rs 6,07,280 crore on June 30, 2016, from Rs 5,82,817 crore registered on June 30, 2015.

Net Non-performing assets (NPA) ratio was 6.16% as on June 30, 2016 against 3.08% as on June 30 last year. Capital adequacy ratio of the bank under Basel III stood at 10.75% in the quarter ended June 30, increase over 10.14% in June 2015.

According to the bank, its domestic net interest margin (NIM) stood at 2.36% for April-June 2016, compared with 2.46% in the year-ago period. Net interest income for April-June period was at Rs 2,103 crore as against Rs 2,130 crore in the same period last year.

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