Union Bank of India Celebrates Outstanding Financial Results

Union Bank of India posted Financial Results for the Quarter and Financial Year Ended March 31, 2019 on Tuesday accounted in Net loss which stood at Rs.3370 crore on account of higher provisioning.

The company Submitted a Net loss for FY 2018-19 stood at Rs.2948 crore as against net loss of Rs.5247 crore for FY 2017-18.

Union bank of India Asset Quality stand bad as Gross NPAs stood at 14.98 percent as on March 31, 2019 as against 15.66 per cent as on December 31, 2018 and 15.73 per cent as on March 31, 2018.

Bank posted Provision Coverage Ratio which improved to 66.24 per cent as on March 31, 2019 as against
57.16 per cent as on March 31, 2018.

It was 58.84 per cent as on December 31, 2018.

Global Net Interest Margin (NIM) for January-March 2019 maintained at 2.27 percent as against 2.23 per cent for October-December 2018.

Domestic Net Interest Margin (NIM) stood at 2.38 percent for January-March 2019 as against 2.23 per cent for October-December 2018 .

The Operating profit maintained at Rs.1730 crore for January-March 2019 as against Rs.1810 crore for
October-December 2018 .

Return on average assets (annualized) stood at -2.71 percent for January-March 2019 .

However, the bank Announced a net profit of Rs 153.21 crore in the third quarter of 2018-19.Which can be taken as a positive .

The bank outlined other income of Rs.1,272 crore, down 14.3% from the same period last year. Its total income jumped 0.3% y-o-y to Rs.9,621 crore in Q4 FY19.

At the end of today’s market Union Bank Of India plunged more than 10% and was trading around Rs.71.20 .