Union Bank of India’s Q3 net loss at Rs 1,250 cr

Mumbai:  State-run Union Bank of India on Saturday reported a net loss of Rs 1,250 crore for the third quarter of 2017-18, against a net profit of Rs 104 crore in the corresponding period of 2016-17.

“Net loss for October-December 2017 stood at Rs 1,250 crore. This includes investment depreciation of Rs 700 crore and Rs 991 crore of additional provision for 18 accounts referred to National Company Law Tribunal (NCLT), as per RBI list-II,” the company said in a BSE filing.

“The bank has provided entire amount of additional provision for NCLT accounts up front which was to be spread till March 2018.”

Further, the company’s net interest income for October-December 2017 quarter increased to Rs 2,548 crore from Rs 2,136 crore earned during the year ago period.

IANS