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Published on 10/08/2018 5:12:14 PM | Source: Reuters

Union Bank of India posts surprise first-quarter profit

Union Bank of India posted a surprise first-quarter profit on Friday as the state-controlled lender set aside lower provisions for bad loans and earned more from interest-bearing assets.

Net profit was 1.30 billion rupees ($18.88 million) in the quarter ended June 30, compared with a profit of 1.17 billion rupees a year ago, the bank said 

Analysts on an average had expected a loss of 10.27 billion rupees, according to Thomson Reuters I/B/E/S.

The bank said interest earned rose 6.7 percent to 87.01 billion rupees.

($1 = 68.8400 Indian rupees)

(Reporting By Aparajita Saxena in Bengaluru)