Union Bank of India Announces Financial Results For Quarter Ended Dec 31, 2022

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.