November 3, 2017 / 12:06 PM / 2 years ago

State-run Union Bank of India posts surprise Q2 loss

Nov 3 (Reuters) - Union Bank of India reported a surprise second-quarter loss on Friday, as its provisions for bad loans surged.

Net loss came in at 15.31 billion rupees ($237.20 million)for the quarter ended Sept. 30, compared with a profit of 1.77 billion rupees a year earlier, the Mumbai-based bank said. (bit.ly/2h9L1pY)

Analysts on average had expected a net profit of 2.21 billion rupees, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans was 12.35 percent at end-September compared with 12.63 percent a quarter earlier, and 10.73 percent a year earlier.

Provisions for non-performing assets more than doubled to 34.65 billion rupees. ($1 = 64.5450 Indian rupees) (Reporting By Samantha Kareen Nair in Bengaluru; Editing by Amrutha Gayathri)

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