Union Bank of India Announces Strong Financial Results For Quarter Ended June 30, 2022

The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Quarter ended June 30, 2022.

Key Highlights in Q1FY23

Strong Financial Performance:

Net Profit of the Bank improved by 32.02% on YoY basis during Q1FY23. Net interest income of Bank grew by 8.11% on YoY basis during Q1FY23.

Bank continues to demonstrate a strong liability franchise

The CASA deposits have increased by 8.69 %YoY. Bank now have a total deposits base at Rs.9,92,774 Crores as at the end of Q1FY23.

Business growth gaining momentum

The Advances have increased by 12.95 % on YoY basis respectively, while Deposits have increased by 9.27 % YoY basis respectively. Bank now have a total Business at Rs.17,21,409 Crores as on June 30, 2022.

Credit in Retail, Agri and MSME (RAM) segments

Bank registered 11.13 % growth in Retail, 14.04 % growth in Agriculture and 11.26 % growth in MSME advances on YoY basis. RAM advances as a per cent of Domestic Advances stood at 54.88 %.

Reduction in NPA: -

Gross NPA (%) reduced by 338 bps on YoY basis to 10.22% and Net NPA(%) reduced by 138 bps on YoY basis to 3.31% as on 30.06.2022.

Improved capital ratios

CRAR improved from 13.32 % as on 30.06.2021 to 14.42% as on 30.06.2022. CET1 ratio improved to 10.68 % as on 30.06.2022 from 9.77% as on 30.06.2021.