Union Bank of India expects loans restructuring worth up to Rs 1000 crore in the next couple of quarters. The bank estimates slippages in the restructured portfolio to be under 15% for the current fiscal year.
The bank posted a contraction of 66% in its net profit of Rs 197.00 crore for the quarter ended December 31, 2011 as compared to Rs 579.57 crore for the quarter ended December 31, 2010. The bank’s total income has increased by 27.14% to Rs 5966.82 crore for the quarter ended December 31, 2011 as compared to Rs 4693.06 crore for the corresponding quarter of the previous fiscal.
