Union Bank posts lower profits; Central Bank shows net loss

Chennai, Nov 4 (IANS) Government-owned banks Union Bank of India and Central Bank of India on Friday announced contrasting results — one logging net profit and the other net loss.

In a regulatory filing in BSE, Union Bank of India said it has posted a net profit of Rs 176.67 crore for the quarter ended September 30, 2016 as compared to Rs 658.16 crore logged for the quarter ended September 30, 2015.

The bank’s total income for the period under review went up to Rs 9,347.58 crore — up from Rs 9,100.90 crore earned during the quarter ended September 30, 2015.

On the other hand, Central Bank of India posted a net loss of Rs 64.18 crore for the quarter ended September 30, 2016 as compared to net profit of Rs 112.87 crore for the quarter ended September 30, 2015.

Total income of the bank decreased from Rs 7,104.19 crore for the quarter ended September 30, 2015 to Rs 6,965.45 crore for the quarter ended September 30, 2016.

–IANS

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