Gold Silver Reports (GSR) – Union Bank Of India Slumps After Asset Quality Worsens In Q4 – Shares of the Mumbai-based public-sector lender fell as much as 4.97 percent to Rs 83.20 after it reported a loss for the third straight quarter as asset quality deteriorated and provisions against bad loans surged.
Union Bank of India incurred a wider-than-expected loss of Rs 2,583.4 crore in the quarter ended March as compared to a profit of Rs 108.2 crore in the same period last year, according to its filing with the stock exchanges.
📌 Loan book grew 0.8 percent, while deposits advanced 8.7 percent.
📌 Gross bad loans in absolute terms rose 20 percent sequentially to Rs 49,370 crore.
📌 Capital adequacy ratio stood at 11.5 percent.
