Union Bank of India Announces Financial Results For The Quarter And Year Ended March 31, 2023

The Board of Directors of Union Bank of India approved the accounts of the Bank for the Quarter and Year ended March 31, 2023. 

Key Highlights in Q4FY23 

1.     Board of Directors have recommended a dividend of Rs. 3.00 per equity share (30%) for the year ended March 31, 2023 subject to requisite approvals. 

2.    Strong Financial Performance:  

Net Profit of the Bank increased by 61.18% on YoY basis during FY23. Net interest income of Bank grew by 17.92% on YoY basis during FY23. 

3.    Bank continues to demonstrate a strong Liability franchise  

The CASA deposits have increased by 4.47% YoY. Bank now have a total deposits base of Rs.11,17,716 Crores as on March 31, 2023. 

4.    Business Growth gaining momentum 

Total Business of the Bank increased by 10.23% YoY, wherein Gross Advances increased by 13.05 % YoY & Total Deposit grew by 8.26% YoY. Bank have a total Business of Rs.19,27,621 Crores as on March 31, 2023. 

5.    Credit in Retail, Agri and MSME (RAM) segments  

RAM Segment of the bank increased by 14.94 % YoY, where 17.19 % growth in Retail, 14.20% growth in Agriculture and 13.06 % growth in MSME advances is achieved on YoY basis. RAM advances as a per cent of Domestic Advances stood at 55.61%. 

6.    Reduction in NPA: - 

Gross NPA (%) reduced by 358 bps on YoY basis to 7.53% and Net NPA(%) reduced by 198 bps on YoY basis to 1.70% as on 31.03.2023. 

7.    Improved capital ratios 

CRAR improved from 14.52 % as on 31.03.2022 to 16.04% as on 31.03.2023. CET1 ratio improved to 12.36% as on 31.03.2023 from 10.63% as on 31.03.2022.