Monday, 10 December, 2018

Union Bank set to raise Rs2,000 crore

Herman Weaver | 10 August, 2017, 01:34

Agro-chemical firm Insecticides India Ltd today reported 67 per cent increase in its net profit at Rs 30.50 crore for the quarter ended June on good monsoon and launch of new products.

The lender had reported a net loss of Rs 741 crore in the same period previous year. Provisions against loan losses was jacked up to 65% to Rs 116.64 crore, when compared to Rs 70.74 set aside past year for the same period.

Its total expenses were higher at Rs 1,801.48 crore during the period under review from Rs 1,590.82 crore in the year-ago period.

Retail banking, which forms about 53% of the bank's total revenue, grew 8.5% to Rs 513.24 crore from past year.

Asset quality weakened further as gross non-performing assets increased 22 basis points sequentially to 3.05 percent and net NPA rose 8 bps to 1.79 percent in the quarter ended June 2017.

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Gross bad loans as a percentage of total loans fell to 13.05 per cent at end-June from 13.22 per cent at March-end and 13.38 per cent at end-June a year ago. "Some of the big accounts have 100% provision", Mr. Mohapatra said.

During the quarter, the company produced 1,00,695 tonnes of aluminium, which is 6.6 per cent more than 94,496 tonnes produced in the 1st quarter of previous financial year.

In the current financial year, the bank is planning to seek Rs 2,500 crore capital from the government, Mohapatra said. The bank's deposits increased by 9% to Rs 30,468 crore, while its advances grew 13% to Rs 24,058 crore.

Shares of the company closed 0.72 per cent up at Rs 70.35 on the BSE.

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