Union Bank of India reported its third straight quarterly profit on Monday as the state-controlled lender made lower provisions for bad loans, but missed analysts' estimates by a wide margin, sending its shares sharply lower.
Net profit was Rs 153 crore ($21.48 million) in the three months to December 31, 2018, compared to a loss of Rs 1,250 crore a year earlier, the bank said.
That compares to analysts' average estimate of a profit of Rs 324 crore, data from Refinitiv showed.
Asset quality improved slightly, with gross bad loans as a percentage of total loans coming in at 15.66 per cent by the end of December, compared to 15.74 per cent a quarter earlier and 13.03 per cent a year earlier.
($1 = Rs 71.23 rupees)