August 10, 2018 / 10:31 AM / 2 months ago

Union Bank of India posts surprise first-quarter profit

Aug 10 (Reuters) - 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 here

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

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