State-run lender Union Bank of India reported a net loss of ₹2,583 crore for the quarter ended March due to increase in bad loans. The bank recorded a profit of ₹108 crore during the same period of the previous financial year.
This is the third consecutive quarter the lender has reported a loss. MD & CEO Rajkiran Rai G. said the bank had recognised most of the stress, subsequent to the RBI’s February 12 circular.
NCLT resolutions
“We hope we have seen the bottom. Hopefully, some NCLT resolutions which may come through in the first or second quarter of this year should take us on an upward cycle,” he said.
Gross non-performing assets of the public lender increased to 15.73 % from 13.03% in the December quarter and from 11.17% reported during the same period of the previous year.
