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Union Bank of India posts surprise first-quarter profit at Rs 1.30 bn

Reuters/ 10 Aug 18 | 05:17 PM

Union Bank of India

Union Bank of India posted a surprise first-quarter profit on Friday as the state-controlled lender set aside lower provisions for bad loans and earned more from interest-bearing assets.

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Net profit was Rs 1.30 billion ($18.88 million) in the quarter ended June 30, compared with a profit of Rs 1.17 billion a year ago, the bank said.

Analysts on an average had expected a loss of Rs 10.27 billion, according to Thomson Reuters.

The bank said interest earned rose 6.7 per cent to Rs 87.01 billion.

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