Quarterly Result: Union Bank of India

Strong Financial Performance:

Net Profit of the Bank increased by 60.00% on YoY basis during Q3FY24. Net interest income of Bank grew by 6.26% on YoY basis during Q3FY24.

Bank continues to demonstrate a strong Liability franchise:

The CASA deposits have increased by 5.62% YoY. Bank now have a total deposits base of Rs.11,72,455 Crores as on December 31, 2023.

Business Growth gaining momentum:

Total Business of the Bank increased by 10.67% YoY, wherein Gross Advances increased by 11.44% YoY & Total Deposit grew by 10.09% YoY. Bank have a total Business of  Rs.20,68,429 Crores as on December 31, 2023.

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

RAM Segment of the Bank increased by 13.85% YoY, where 12.60% growth in Retail, 17.88% growth in Agriculture and 10.51% growth in MSME advances is achieved on YoY basis. RAM advances as a percent of Domestic Advances stood at 56.28%.

Reduction in NPA:

Gross NPA (%) reduced by 310 bps on YoY basis to 4.83% and Net NPA (%) reduced by 106 bps on YoY basis to 1.08% as on 31.12.2023.

Strong Capital Ratios:

CRAR improved from 14.45% as on 31.12.2022 to 15.03% as on 31.12.2023. CET1 ratio improved to 11.71% as on 31.12.2023 from 10.71% as on 31.12.2022.

Network: 8,479 Branches including foreign branches and 9,889 ATMs

Credit facility towards Green initiatives: –

• Renewable Energy Sector: –Sanctioned Rs. 25,256 crores as on 31.12.2023
• Union Green Miles: –Sanctioned amount Rs. 398 crores as on 31.12.2023