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Monday, May 16, 2016

Union Bank Shares Dive 6% On Disappointing March Quarter Results

Shares of Union Bank of India on Monday dipped by nearly 6 per cent after the company reported a 78 per cent plunge in March quarter results.

The stock slumped 5.91 per cent to settle at Rs 109.10 on BSE. Intra-day, it tumbled 6.77 per cent to Rs 108.10. At NSE, shares of the company tanked 5.94 per cent to close at Rs 109.10.

Consequently, its market capitalisation dipped by Rs 470 crore to Rs 7,499.98 crore.

In terms of volume, 11.28 lakh shares of the company changed hands at BSE and over 89 lakh shares were traded at NSE during the day.

The company's result were announced post market hours on Friday.

Union Bank of India on Friday posted 78 per cent decline in its net profit at Rs 96.1 crore for the fourth quarter ended March 31 on account of higher provisioning for bad loans.

The bank had clocked a net profit of Rs 443.77 crore in the January-March quarter of the previous financial year. Provisioning other than tax and contingencies rose to Rs 1,564.6 crore during the quarter, from Rs 1,009 crore in the year ago period.

Gross non-performing assets (NPA) of the bank rose to 8.70 per cent at the end of March from 4.96 per cent in the same period, a year ago.

Its net NPAs also increased to 5.25 per cent from 2.71 per cent at the end of March 2015.

Total income of the bank decreased to Rs 8,884.4 crore during the fourth quarter, from Rs 9,383.71 crore in the year-ago period.

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