Union Bank Q1 net profit falls 22 pct, bad loans rise

According to a CNBC-TV18 poll, net interest income (the difference between interest earned and interest expended) is seen rising 4 percent to Rs 2,199 crore from Rs 2,117 crore during the same period.

Net profit fell to Rs 721 crore ($112.61 million) for its fiscal first quarter to June 30 from Rs 1405 crore reported a year earlier, the New Delhi-based lender said.

Provisions, including for bad loans, almost doubled from a year earlier to Rs 1,811 crore.

Justdial’s total income from operations grew by 24.87 per cent to Rs 168.62 crore in the quarter under review as against Rs 135.03 crore in year-ago period. Net NPA stood at 6.31 % in the reported quarter as against 3.85 % registered during the same period of the previous 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. Capital adequacy ratio (CAR) of the bank under Basel III was at 10.36% as on Jun. 30, 2015.

As of 12.28 p.m., PNB shares traded 4.77 per cent higher at Rs 141.75 apiece, outperforming the sector benchmark Bank Nifty, which was up 0.45 per cent.