UBI tanks on lower-than-expected Q2 net

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UBI tanks on lower-than-expected Q2 net

SI Reporter / Mumbai 24 Oct 11 | 02:59 PM

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Union Bank of India (UBI) has tanked nearly 13% to Rs 210 after reporting lower-than-expected net profit of Rs 353 crore for the quarter ended September 2011, against Rs 303 crore in a year ago period. Analyst expected net profit of Rs 496 crore from the state-owned bank during the recently concluded quarter.

Net interest income grew single digit or by 8% on year-on-year basis to Rs 1,661 crore from Rs 1,534 crore, while net non-performing assets (NPA) increased to 2.04% from 1.18%.

As many as a combined 4.7 million shares have changed hands on the counter till late noon deals, as against an average less than four million shares that were traded daily in past ten trading days.