Union Bank of India reported a net loss for the fiscal fourth quarter ended March 31 as provisions increased.

The bank reported May 10 a net loss of 25.83 billion rupees, compared to a net profit of 1.08 billion rupees in the year-ago period. The bank's loss per share came in at 29.59 rupees, compared with an EPS of 1.58 rupees.

Provisions and contingencies for the quarter swelled year over year to about 56.68 billion from 24.44 billion rupees. Excluding provisions and contingencies, total expenditure climbed to 77.07 billion rupees from roughly 76.37 billion rupees.

During the reporting period, interest earned declined to 81.12 billion rupees from 83.25 billion rupees. Total income also fell to about 95.97 billion rupees from 97.71 billion rupees. Operating profit declined to 18.89 billion rupees from 21.34 billion rupees.

For the fiscal year ended March 31, Union Bank of India posted a net loss of 52.47 billion rupees, against a net profit of 5.55 billion rupees in the prior-year period. Its loss per share was 69.45 rupees, compared with an EPS of 8.08 rupees.

The bank's gross nonperforming asset ratio stood at 15.73% as of March 31, compared to 13.03% on Dec. 31, 2017, and 11.17% on March 31, 2017. Its net NPA ratio for the period was 8.42%, compared to 6.96% on Dec. 31, 2017, and 6.57% on March 31, 2017.

As of March 31, the bank's capital adequacy ratio was 11.50%, down from 11.79% on March 31, 2017. Its common equity Tier 1 and Additional Tier 1 ratios for the period were 7.60% and 1.47%, respectively, compared to 7.71% and 1.31%, respectively, on March 31, 2017.

As of May 10, US$1 was equivalent to 67.16 rupees.