Union Bank of India third-quarter profit misses estimates
- Union Bank of India reported its third straight quarterly profit on Monday as the state-controlled lender made lower provisions for bad loans, but missed analysts' estimates by a wide margin, sending its shares sharply lower.
Net profit was Rs 153 crore ($21.48 million) in the three months to Dec. 31, 2018, compared to a loss of Rs 1,250 crore a year earlier, the bank said.
That compares to analysts' average estimate of a profit of Rs 324 crore, I/B/E/S data from Refinitiv showed.
Asset quality improved slightly, with gross bad loans as a percentage of total loans coming in at 15.66 per cent by the end of December, compared to 15.74 per cent a quarter earlier and 13.03 percent a year earlier.
Net profit was Rs 153 crore ($21.48 million) in the three months to Dec. 31, 2018, compared to a loss of Rs 1,250 crore a year earlier, the bank said.
That compares to analysts' average estimate of a profit of Rs 324 crore, I/B/E/S data from Refinitiv showed.
Asset quality improved slightly, with gross bad loans as a percentage of total loans coming in at 15.66 per cent by the end of December, compared to 15.74 per cent a quarter earlier and 13.03 percent a year earlier.
