Photo: Hemant Mishra/MintMumbai: Front-loading of provisions for the NCLT accounts led state-run Union Bank of India on Saturday report a net loss of Rs1,250 crore in the December quarter as against a net profit of Rs104 crore a year ago. In the September quarter also, the city-based lender had reported a massive Rs1,531 crore losses. “Losses include investment depreciation of Rs 700 crore (treasury losses) and provision of Rs 991 crore for the second list of the accounts referred to the NCLT. The bank also reported divergences in NPAs and provisions of Rs1,400 crore during the quarter. The bank has raised Rs2,000 crore through qualified institutional placement and will be receiving Rs4,540 crore infusion from recapitalisation plan announced by government.

Source: Mint February 03, 2018 13:52 UTC