State-owned Union Bank of India today reported loss of Rs 1,530.72 crore for the quarter ended September 30, on account of rise in bad loans.
The bank had posted a profit of Rs 176.67 crore in the July-September period of previous fiscal.
Total income of the bank rose to Rs 9,439.73 crore during the quarter under review, from Rs 9,347.58 crore over the same period of 2016-17.
For quarter under review, the bank’s provision for bad loans jumped to Rs 3,464.71 crore as against Rs 1,598.21 crore a year ago, Union Bank of India said in a regulatory filing to stock exchanges.
Asset quality slipped further during the period with gross non-performing assets (NPAs) rising to 12.35 per cent of gross advances as of September 2017, up from 10.73 per cent a year ago.
Net NPAs or bad loans too increased to 6.70 per cent during the second quarter, up from 6.39 per cent a year ago.
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