[T.S.R:16137] Union Bank-Makes Provisions/W-offs of Rs 500 cr in Q2

Union Bank becomes the third bank to write-off substantial amounts in Q2 as NPA. The other two hv been Bank of India and Bank of Maharashtra (Rs 170 crore). Are PSU banks showing correct provisioning or inflated profits making all stocks over-valued? Mind you, all these banks hv done just 70 per cent provisioning against NPA...full provisioning will mean substantial drop in EPS and raise PEs consequently to high double digits. After a stellar run for 6 months, it may be time to liquidate positions in Banks. Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. Nothing in this article is, or should be construed as, investment advice. FOR FULL REPORT VISIT THE LINK BELOW :  http://groups.google.com/group/stockresearcher/browse_thread/thread/a440143af2b76c93?hl=en-GB#

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