The Board of Directors of Union Bank of India approved the accounts of the Bank for the Quarter ended December 31, 2022.
Key Highlights in Q3FY23
1. Strong Financial Performance:
Net Profit of the Bank increased by 106.81% on YoY basis during Q3FY23. Net interest income of Bank grew by 20.26% on YoY basis during Q3FY23.
2. Bank continues to demonstrate a strong liability franchise
The CASA deposits have increased by 8.43% YoY. Bank now have a total deposits base at Rs.10,65,027 Crores as at the end of Q3FY23.
3. Business growth gaining momentum
Total Business of the Bank increased by 16.31% YoY, wherein Gross Advances increased by 20.09 % YoY & Total Deposit grew by 13.61% YoY. Bank now have a total Business at Rs.18,69,042 Crores as on December 31, 2022.
4. Credit in Retail, Agri and MSME (RAM) segments
RAM Segment of the bank increased by 17.76 % YoY, where 16.55 % growth in Retail, 17.56% growth in Agriculture and 19.55 % growth in MSME advances achieved YoY basis. RAM advances as a per cent of Domestic Advances stood at 54.72%.
5. Reduction in NPA: -
Gross NPA (%) reduced by 369 bps on YoY basis to 7.93% and Net NPA(%) reduced by 195 bps on YoY basis to 2.14% as on 31.12.2022.
6. Improved capital ratios
CRAR improved from 13.92 % as on 31.12.2021 to 14.45% as on 31.12.2022. CET1 ratio improved to 10.71% as on 31.12.2022 from 10.18% as on 31.12.2021.