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Union Bank of India reports 68% fall in Q1 net profit

Union Bank of India has reported results for first quarter ended June 30, 2016.

The bank has reported 67.94% fall in its net profit at Rs 166.32 crore for the quarter ended June 30, 2016 as compared to Rs 518.78 crore for the same quarter in the previous year. However, total income of the bank decreased by 1.40% to Rs 8916.51 crore for the quarter under review from Rs 9043.17 crore for the corresponding quarter of the previous year.

The bank's gross NPA for the April-June quarter of the current fiscal increased to 10.16%, as compared to 5.53% in the same quarter of the previous year. Besides, bank's Net NPA stood at 6.16% in Q1FY17.

The Bank has recognized deferred tax assets amounting to Rs. 256.21 crore, in accordance with the applicable Accounting Standards. Accordingly, figures of previous corresponding reporting periods are not comparable.

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