Union Bank Of India’s Net Profit Increased By 61.18% On YoY Basis During FY23

Board of Directors have recommended a dividend of Rs. 3.00 per equity share

The Board of Directors of Union Bank of India today 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.


8,580 Branches including foreign branches
10,835 ATMs
17,695 BC points
126 MLPs (MSME Loan Points)
160 RLPs (Retail Loan Points)
105 MSME First Branches
14 LCBs & 56 MCBs

Financial inclusion schemes:

Financial inclusion schemes launched by GOI with an aim to eliminate barriers and provide economically priced financial services to the less accessible sections of the society through government-backed schemes like

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

This is a Government- backed insurance scheme; where 2.82 lakhs new enrollments were done by the Bank for the quarter ended March 31, 2023.
Pradhan Mantri Suraksha Bima Yojana (PMSBY):
This is Government- backed accidental insurance scheme; where 8.24 lakhs new enrollments were done by the Bank for the quarter ended March 31, 2023.

Pradhan Mantri Jan Dhan Yojana (PMJDY):

Our bank is instrumental in opening 2.80 Crores accounts under PMJDY Scheme with balance of Rs. 9,046 Crores as on 31.03.2023. The corresponding figure was 2.45 Crores account with balance of Rs. 7,780 Crores as on 31.03.2022, thereby increase in account opening is 14.29% on YoY basis.

Atal Pension Yojana (APY):

APY is a pension scheme, primarily targeted at the individuals working in unorganized sector, 2.32 lakh new enrollments were done by Bank for the quarter ended March 31, 2023.

New schemes launched to tackle COVID-19:

Our bank had taken initiative for easing out challenges of Covid 19 by disbursing flagship schemes launched by GOI meant for business entities, retails customers for fulfilling immediate needs.

PM SVANidhi:

A micro credit facility that provides street vendors a collateral free loan of Rs.10,000 with low rates of interest for a period of one year.
No. of Loans Sanctioned – 4,97,793
Total amount Sanctioned – Rs.625 Crores

Union Guaranteed Emergency Credit Line (UGECL):

A special scheme as per GOI guidelines for sanctioning pre-approved limit to eligible borrowers up to 20/40 per cent of loan outstanding as on 29th February, 2020. These limits were meant for Business Enterprises / MSME borrowers/Individuals, including interested PMMY borrowers as additional working capital term loan facility.
No. of Loans Sanctioned (UGECL 1,2,3,4 & Extension) –3,92,038
Total amount Sanctioned (UGECL 1,2,3,4 & Extension)– Rs.16,650 Crores

Union Nari Shakti Scheme for Women Entrepreneurs:

Sanctioned 19,637 Applications for Rs.2,357 crores during 12M FY23
Credit facility towards Green initiatives: –
1) Renewable Energy Sector: -Sanctioned Rs. 10,370 crores as on 31.03.2023
2) Union Green Miles: -Sanctioned amount Rs. 215 crores as on 31.03.2023

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