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

July 28, 2015 13:27

Union Bank of India , the nation's sixth-biggest state-run lender by assets, reported a smaller-than-expected 22 per cent fall in quarterly profit even as bad loans rose.

Net profit fell to 5.19 billion rupees ($81 million) during its fiscal first quarter to June 30, from 6.64 billion rupees reported a year earlier, the Mumbai-based lender said. Analysts on average had expected a net profit of 4.99 billion rupees, according to data compiled by Thomson Reuters.

Gross bad loans as a per centage of total loans rose to 5.53 per cent in the June quarter from 4.96 per cent in the previous three months and 4.27 per cent in the same period a year earlier.

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