Union Bank of India Announces Bank's Profit Improved By 40.38 Percentage During Q4 FY21

 

The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Quarter and Year ended March 31, 2021. 

Key Highlights 

1.    Strong Financial Performance:  

Operating Profit of the Bank improved by 40.38 % during Q4 FY21 as compared to Q4 FY 20 and 6.54% on YoY basis during FY 21. Net Profit for FY21 stood at Rs 2906 Crores against net loss of Rs 6613 Crores for FY20. Net interest income of Bank grew by 4.37% YoY during FY21. 

2.    Bank continues to demonstrate a strong liability franchise  

The CASA deposits have increased by 13.15% YoY. Total deposits base stood at Rs.923805 Crores as at the end of Q4FY21. CASA ratio improved to 36.33% from 34.15% a year ago. 

3.    Credit in Retail, Agri and MSME (RAM) segments grown by 8.40% YoY 

Bank registered 10.49% growth in Retail, 11.89% growth in Agriculture, 3.24% growth in MSME advances. Average advances has grown by 3.11% YoY. Domestic Advance including CP & Corporate Bonds has grown by 1.13% YoY. 

4.    Reduction in Slippages:- 

Slippages during FY21 have reduced by 30.63% as compare to FY20 (from Rs 25147 Crore during FY20 to Rs 17443 Crore during FY 21). Net NPA of Q4FY21 stood at 4.62%.  

5.    Provision coverage ratio of the Bank improved to 81.27% as on March 31, 2021 

Provision coverage ratio of the Bank improved to 81.27% as on March 31, 2021 as against 78.21% as on March 31, 2020. 

6.    Robust performance on EASE 3.0 parameters during Q3 FY21 

Under EASE (Enhanced Access and Service Excellence) Bank has secured 3rd position in overall ranking and Top 3 position in 4 themes out of 5, amongst PSBs during Q3 FY21. 

7.    Amalgamation:-Integration of CBS systems of all e-AB and e-CB branches completed in record time. 

Photo Caption: Shri Rajkiran Rai G, Managing Director & CEO, Union Bank Of India, flanked by  Shri Gopal Singh Gusain, Shri Manas Ranjan Biswal & Shri Nitesh Ranjan , Executive Directors, Union Bank Of India, at the press conference on the occasion of announcement of Audited Financial Results for the Quarter/ Year ended March 31, 2021.