Bank Of India Reports Operating Profit And Net Profit Growth Of 25.66%, & 195.42% On YoY Basis During Q2FY22

The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Half year ended September 30, 2021. 

Key Highlights in Q2FY2022 

1.    Strong Financial Performance:  

Operating Profit and Net Profit of the Bank improved by 25.66% and 195.42% respectively on YoY basis during Q2FY22. Net interest income of Bank grew by 8.52% on YoY basis during Q2FY22. 

2.    Bank continues to demonstrate a strong liability franchise:  

The CASA deposits have increased by 10.77% YoY. We now have a total deposits base at Rs.9,14,022 Crores as at the end of Q2FY22. CASA ratio improved to 37.16% from 34.61% on YoY basis. 

3.    Credit in Retail, Agri and MSME (RAM) segments grown by 8.48% on YoY basis: 

Bank registered 9.35% growth in Retail, 13.06% growth in Agriculture and 2.76% growth in MSME advances on YoY basis. RAM advances as % of Domestic Advances improved by 574 bps on YoY basis to 58.51%. 

4.    Reduction in NPA: 

Gross NPA (%) reduced by 207 bps on YoY basis to 12.64% as on 30.09.2021.  

5.    Cost to Income ratio of the Bank reduced by 115 bps on YoY basis: 

Cost to Income ratio of the Bank reduced by 115 bps on YoY basis from 44.95% during Q2FY21 to 43.80% during Q2FY22. 

6.    Improved Capital Ratios: 

CRAR improved from 12.38% as on 30.09.2020 to 13.64% as on 30.09.2021. CET1 ratio improved from 8.91% as on 30.09.2020 to 10.16% as on 30.09.2021.