Provision costs pull Union Bank net down 23%
Public sector lender Union Bank of India on Friday reported a 23% year-on-year decline in net profit at Rs 464 crore for the quarter ended June 2011 against Rs 601 crore a year ago on account of a rise in provision against bad loans.
The bank made a provision of R214 crore for bad assets during the quarter, compared to Rs 185 crore in the same quarter a year ago.
Net interest income, the difference between interest earned and interest paid, increased 18% to Rs 1,590 during the quarter ended June 2011 compared to Rs 1,347 crore in the same quarter previous year.
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- The police were investigating the case from all possible angles.