Union Bank Q1 net down 22% to Rs 518.78 crore

Public sector lender Union Bank of India today reported a 22% decline in net profit at Rs 518.78 crore for the first quarter ended June 30.

The bank had a net profit of Rs 664.11 crore in the April-June quarter of 2014-15 fiscal.

Total income of the bank increased to Rs 9,043.17 crore during the first quarter from Rs 8,547.56 crore in the three month period of 2014-15 fiscal, the bank said in a BSE filing.

Provisioning of bad loans increased to Rs 642 crore in the June quarter, from Rs 393 crore in the same period last fiscal.

The Gross Non-performing Assets (NPAs) as a percentage of total advances increased to 5.53% during June quarter, from 4.27% in the same period last fiscal.

Gross NPA in value terms stood at Rs 14,144 crore during the quarter, as against Rs 10,232 crore in the year ago period.

Shares of Union Bank were trading at Rs 158.85, up 3.05% in the noon trade on BSE.