Union Bank of India Net Plunges 74% to Around Rs 78 Crore in Q3

Mumbai: Union Bank of India reported a 74 per cent drop in its quarterly net profit due to sharply higher bad loans and provisions as lenders comply with a regulatory order to treat some troubled loans as bad in a clean-up drive. Net profit fell to Rs 78.54 crore ($11.6 million) on a standalone basis for the fiscal third quarter to December 31 from around Rs 300 crore a year earlier, the Mumbai-based bank said in a regulatory filing...