Union Bank Of India Registers 60 Percent Rise In Net Profit In Q3 Of FY 2024
Total Business of the Bank increased by 10.67% YoY, wherein Gross Advances increased by 11.44% YoY
The Board of Directors of Union Bank of India on Saturday approved the accounts of the Bank for the Quarter ended December 31, 2023. The bank has shown strong financial performance in third quarter of financial year of 2024.
As per the results the net Profit of the Bank increased by 60 percent on Year to Year basis during Q3 of FY24. Net interest income of Bank grew by 6.26 percent on YoY basis during Q3FY24.
In this period the bank continued 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.
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.
The bank also registered 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%. In between this period the 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. However, the 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. In terms of returns the bank has shown significant improvements. Bank’s Return on Assets & Return on Equity improved to 1.07% and 17.25% respectively during Q3FY24.
