Net profit was 1.53 billion rupees in the three months to Dec 31, 2018, compared to a loss of 12.50 billion rupees a year earlier.
The Reserve Bank of India has imposed a Rs 1 crore penalty on Union Bank of India for failing to detect and report fraud on time.
Union Bank of India reported its third straight quarterly profit on Monday as the state-controlled lender made lower provisions for bad loans, but missed analysts’ estimates by a wide margin, sending its shares sharply lower.
Net profit was 1.53 billion rupees ($21.48 million) in the three months to Dec 31, 2018, compared to a loss of 12.50 billion rupees a year earlier, the bank said.
That compares to analysts’ average estimate of a profit of 3.24 billion rupees, I/B/E/S data from Refinitiv showed.
Asset quality improved slightly, with gross bad loans as a percentage of total loans coming in at 15.66 per cent by the end of December, compared to 15.74 per cent a quarter earlier and 13.03 per cent a year earlier.
( Source : reuters )
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