Union Bank of India – Financial Results for the Quarter and Year ended March 31, 2022.

Board of Directors have recommended a dividend of Rs.1.90 per equity share (19%) for the year ended March 31, 2022 subject to requisite approvals.

The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Quarter and Year ended March 31, 2022.

Board of Directors have recommended a dividend of Rs.1.90 per equity share (19%) for the year ended March 31, 2022 subject to requisite approvals.

Strong Financial Performance:

Net Profit of the Bank improved by 80.05% (YoY) during FY22. Net interest income of Bank grew by 12.55% (YoY) during FY22 and by 25.29% (YoY) for Q4FY22.

Bank continues to demonstrate a strong liability franchise

The CASA deposits have increased by 12.40% (YoY). Bank now has a total deposits base at Rs.10,32,392 Crores as on March 31, 2022.CASA ratio improved by 21 bps to 36.54% from 36.33% (YoY).

Business growth gaining momentum

The Advances have increased by 7.00% (QoQ) and 9.60% (YoY), while Deposits have increased by 10.13% (QoQ) and 11.75% (YoY). Bank now has a total Business of Rs.17,48,800 Crores as on Mar 31, 2022.

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

Bank registered 8.65% growth in Retail, 10.80% growth in Agriculture and 8.56% growth in MSME advances on YoY basis. RAM advances as a per cent of Domestic Advances stands at 54.96%.

Reduction in NPA

Gross NPA (%) reduced by 263 bps on YoY basis to 11.11% and Net NPA (%) reduced by 94 bps on YoY basis to 3.68% as on 31.03.2022. Credit Cost reduced by 89 bps YoY for Q4FY22.

Improved capital ratios

CRAR improved from 12.56% as on 31.03.2021 to 14.52% as on 31.03.2022. CET1 ratio improved to 10.63% as on 31.03.2022 from 9.07% as on 31.03.2021. PCR also improved by 234 bps on YoY basis from 81.27% as of Mar 31, 2021 to 83.61% as of Mar 31, 2022.

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