India’s Union Bank posts $195m Q3 loss

NEW DELHI, Feb 4 (Reuters): State-run Union Bank of India Ltd has posted a net loss of 12.5 billion rupees (US $194.95 million) for the third quarter, weighed down by provisions made for borrowers undergoing bankruptcy proceedings.

The Rs 12.5 billion net loss is for the period ending December 31 compared with a profit of 1.04 billion rupees in the year-ago quarter. Gross bad loans as a percentage of total loans stood at 13.03 per cent at end-December, versus 12.35 per cent at end-September.