Union Bank of India Q3 Results | Profit spikes 60% to ₹3,590 crore, NII up 6% to ₹9,168 crore

In monetary terms, gross NPA stood at ₹43261.9 crore against ₹54,012.3 crore quarter-on-quarter, whereas net NPA came at ₹9,351.2 crore against ₹10,421 crore quarter-on-quarter.

Union Bank of India's Current Account and Savings Account (CASA) deposits recorded a substantial 5.62% year-on-year increase. As of December 31, 2023, the bank boasts a formidable total deposit base of Rs 11,72,455 crore.

The banks' total business witnessed a commendable uptick, growing by 10.67% year-on-year. This growth is attributed to the 11.44% year-on-year increase in gross advances and a 10.09% year-on-year increase in total deposits. The bank's total business now stands at an impressive Rs 20,68,429 crore as of December 31, 2023.

The Retail, Agriculture, and MSME (RAM) segment of the bank saw a substantial surge, with an overall growth of 13.85% year-on-year. Notably, the bank achieved a growth of 12.60%, 17.88%, and 10.51% in Retail, Agriculture, and MSME advances, respectively, on a year-on-year basis. The RAM advances now constitute a significant 56.28% of the bank's domestic advances.

Union Bank of India has also displayed a robust capital adequacy position, with the Capital to Risk-Weighted Assets Ratio (CRAR) improving from 14.45% as of December 31, 2022, to 15.03% as of December 31, 2023. The Common Equity Tier 1 (CET1) ratio has also seen a substantial improvement, rising to 11.71% from 10.71% over the same period.

The bank's efficiency and profitability metrics have witnessed positive trends as well, with Return on Assets (ROA) and Return on Equity (ROE) improving to 1.07% and 17.25%, respectively, during Q3 of FY24.

Shares of Union Bank of India Ltd ended at ₹141.65, up by ₹8.70, or 6.54% on the BSE.

The stock market is engaged in a complete session on Saturday, January 20, and will be closed on Monday, January 22, due to a public holiday in Maharashtra state to mark the inauguration of the Ram Temple in Ayodhya city.