Union Bank of India’s net down

The gross non-performing assets (NPAs) have increased to Rs.25,397 crore in the June quarter against Rs.19,603 crore in the same period last year, the statement said.

“Our total income, however, increased 14.5 percent YoY to Rs.6,323 crore in the quarter under review from Rs.5,523 crore in same period year ago”, the Manipal-based bank said in a statement here. The provision was caused by a large restructured loan account that turned bad in the March quarter. The bank managed to recover Rs. “Despite optimism, the Indian economy is still not out of the woods”.

Savings deposit grew at 10.6%.

On a sequential basis too, both gross and net NPAs rose from 4.96% and 2.71 per cent respectively in the March quarter.

During the period under reference, the net interest income increased to Rs.1,412 crore from Rs.1,351 crore.

He also said the bank has identified corporate accounts and the work is underway for their strategic debt restructuring as per the RBI guidelines.

He added that credit demand from industry remains muted, with stress still seen in sectors such as infrastructure, sugar, steel and power. The bank provided for Rs.

The performance of public sector bank majors such as Punjab National Bank, Union Bank of India, Bank of India and Syndicate Bank for the first quarter ended June, 2015 has disappointed stock market, investors and the analysts alike. 381 crore a year ago. The net turnover during the day was Rs.

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. 8 per share for Financial Year 2015. Net NPA stood at 6.31 % in the reported quarter as against 3.85 % registered during the same period of the previous fiscal.

Provisioning during the quarter rose to Rs1,811 crore, from Rs928 crore in the June quarter of the previous fiscal.