Union Bank posts profit, declares dividend

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Chennai, May 13 (IANS) Public sector Union Bank of India on Friday said it closed last year with a net profit of Rs.1,351.60 crore as compared to Rs. 1,781.64 crore for the year ended March 31, 2015.

In a regulatory filing in BSE the bank said its total income has increased to Rs.35,606.96 crore last fiscal from Rs.35,830.54 crore for the year ended March 31, 2016.

Last fiscal, the bank’s provisions for bad loans shot up to Rs.3,877.24 crore from Rs.3,040.09 crore for the year ended March 31, 2015, while its gross and net bad loans as on March 31, 2016 stood at Rs.24,170.89 crore and Rs.14,025.94 crore respectively.

At the end of 2015-16, the bank’s gross and net bad loans were at Rs.13,030.87 and Rs.6,918.97 crore respectively.

The bank’s board has recommended a dividend of Rs.1.95 per share with a face value of Rs.10 each.

–IANS

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