Union Bank of India Financial Results For The Quarter Ended September 30, 2023

The Board of Directors of Union Bank of India approved the accounts of the Bank for the Quarter ended September 30, 2023. 

Key Highlights in Q2FY24 

Strong Financial Performance:  

Net Profit of the Bank increased by 90.00% on YoY basis during Q2FY24. Net interest income of Bank grew by 9.89% on YoY basis during Q2FY24. 

Bank continues to demonstrate a strong Liability franchise:  

The CASA deposits have increased by 4.45% YoY. Bank now have a total deposits base of Rs.11,37,628 Crores as on September 30, 2023. 

Business Growth gaining momentum: 

Total Business of the Bank increased by 9.24% YoY, wherein Gross Advances increased by 9.50% YoY & Total Deposit grew by 9.04% YoY. Bank have a total Business of   Rs.19,84,842 Crores as on September 30, 2023. 

Credit in Retail, Agri and MSME (RAM) segments: 

RAM Segment of the bank increased by 14.62% YoY, where 14.68% growth in Retail, 15.04% growth in Agriculture and 14.03% growth in MSME advances is achieved on YoY basis. RAM advances as a per cent of Domestic Advances stood at 56.92%. 

Reduction in NPA:  

Gross NPA (%) reduced by 207 bps on YoY basis to 6.38% and Net NPA (%) reduced by 134 bps on YoY basis to 1.30% as on 30.09.2023. 

Strong capital ratios: 

CRAR improved from 14.50% as on 30.09.2022 to 16.69% as on 30.09.2023. CET1 ratio improved to 13.05% as on 30.09.2023 from 10.67% as on 30.09.2022. 

Improved return: 

Bank’s Return on Assets & Return on Equity improved to 1.07% and 17.97% respectively during Q2FY24.