Union Bank hits 12-year low, reports dismal Q4 result
Union Bank of India dropped about 5 per cent intraday on Friday to Rs. 83.25 per share, their lowest since July 26, 2006 on the back of net loss of Q4FY18.
The public lender on Thursday, reported a standalone net loss of Rs. 2,583 crore for the March quarter as against a net profit of Rs.108 crore in the same period last year, with higher provisions, contingencies and loss in investment hurting profitability.
On the asset front, the bank’s gross non-performing assets increased to 15.73 per cent of gross advances by March-end, from 11.17 per cent in the year-ago period. Its net NPA ratio stood at 8.42 per cent as compared with 6.57 per cent, the bank said in a regulatory filing. Thus, provisions for the March quarter soared to Rs. 5,667.92 crore as against Rs. 2,444.12 crore in the previous year.
At 11:44 hours, Union Bank Of India was trading at Rs. 84.40 per share, down Rs. 1.15 or 1.31 per cent on NSE. The stock opened at Rs. 84 and created a new 52-week low of Rs. 83.25 per share on NSE. The stock has already attracted a trading volume of 1,32,20,587 shares on NSE.