Union Bank of India, a public sector bank in India, fourth quarter profits declined 26.66% from a year ago. The bank reported a profit of Rs 5.79 billion for the quarter ended Mar. 31, 2014, compared with Rs 7.89 billion, a year ago. Market was expecting profit to come at Rs 5.26 billion.

Quarterly income totaled at Rs 84.45 billion, an increase of 12.59% over Rs 75.01 billion in the same period a year ago.

The bank has made provision of Rs 9.21 billion, which was higher by 40.42% from prior year period.

Net NPA was at 53.40 billion for the quarter ended Mar. 31, 2014, as compared to Rs 33.53 billion in the same period last year, representing a increase of 59.24%

In percentage term, net NPAs were at 2.33% at the end of the quarter higher than 1.61% from last year period.

Capital adequacy ratio (CAR) of the bank under Basel III was at 10.12% as on Mar. 31, 2014.

Shares of the bank declined Rs 9.7, or 6.56%, to trade at Rs 138.20. The total volume of shares traded was 1,250,792 at the BSE (12.59 p.m., Thursday).