Union Bank of India share price was down over 5 percent intraday on June 24, a day after the state-owned lender reported its Q4 numbers.
The bank reported a narrowing of standalone net loss to Rs 2,503.18 crore in the March quarter from Rs 3,369.23 crore in the same period last year. Sequentially, there was a net profit of Rs 574.58 crore in the third quarter of 2019-20.
The stock was the top BSE midcap loser and was trading at Rs 34.15, down Rs 1.80, or 5.01 percent. It touched an intraday high of Rs 36.40 and an intraday low of Rs 33.60.
It was trading with volumes of 1,816,751 shares, compared to its five-day average of 1,001,446 shares, an increase of 81.41 percent.
Standalone income during the March 2020 quarter rose to Rs 11,306.99 crore from Rs 9,621.01 crore a year ago, the bank said in a regulatory filing. Its provisioning for bad loans and contingencies in April-March 2020 fell to Rs 3,501.69 crore, compared with Rs 5,766.15 crore in the year-ago period.
For the full financial year 2019-20, Union Bank posted a standalone net loss of Rs 2,897.78 crore. It had reported a loss of Rs 2,947.45 crore the previous year. Its gross advances stood at around Rs 6.50 lakh crore as on March 31, 2020.
According to Moneycontrol SWOT Analysis powered by Trendlyne, Union Bank's book value per share has been deteriorating for the last two years with a decline in net profit with falling profit margin (QoQ).
However, based on technical indicators and moving averages, Moneycontrol is bullish on the stock .
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