State-run Union Bank of India on Friday reported standalone net loss during the quarter stood at Rs 1530.72 crore compared to net profit of Rs 176.67 crore in the previous year quarter. Interest income of the bank rose by 0.17 per cent at Rs 8222.39 crore for the quarter ended September 30, 2017 as against Rs 8208.14 crore in the corresponding period last year. NII, the difference between interest earned on loans and interest paid on deposits, increased by 1.90 per cent at Rs 2,320.73 crore versus Rs 2,277.44 crore in the year ago period. Non-interest income rose 6.84 per cent year-on-year to Rs 1,217.34 crore.
During the July-September quarter, total income rose by 0.99 per cent to Rs 9,439.73 crore from Rs 9,347.58 crore in the year ago period. Operating profit surged 6.55 per cent to Rs 1,938.97 crore from Rs. 1,819.70 crore. Meanwhile, operating expenses dropped by 0.36 per cent to Rs 7,500.76 crore from Rs 7,527.88 crore in the same period last year.
Provisions and Contingencies surged by 119.38 per cent at Rs 3,554.67 crore from Rs 1,620.29 crore a year ago. On the asset side, gross non- performing assets (NPAs) rose to 12.35 per cent of the gross advances as at the end of September 30, 2017 from a level of 10.73 per cent year earlier. Its net NPAs or bad loans too increased to 6.70 per cent of net advances on September 30, 2017 from 6.39 per cent a year ago.
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