Union Bank Q4 Report: profit up by 29 percent

Public sector lender Union Bank of India (Union Bank) has reported a 29 per cent growth in net profit at Rs 773 crore in the January-March 2012 quarter compared with Rs 598 crore in the year-ago period.

Net profit for the full year ended March 31, 2012, however, declined by 14 per cent to Rs 1,787 crore (Rs 2,062 crore in FY11) due to increase in provisions towards non-performing assets (NPAs), restructured advances and depreciation on investments.

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