Union Bank Of India Releases Q2 FY23 Results
Bank continues to demonstrate a strong liability franchise
The Board of Directors of Union Bank of India today approved the accounts of the bank for the quarter ended September 30, 2022. Some of the key highlights include:
- Strong Financial Performance:
Net Profit of the Bank increased by 21.07 per cent on YoY basis during Q2FY23. The net interest income of the bank grew by 21.61 per cent on YoY basis during Q2FY23.
2. Bank continues to demonstrate a strong liability franchise
The CASA deposits have increased by 9.42 per cent YoY. Bank now has total deposits base at Rs.10,43,265 Crores as of the end of Q2FY23.
3. Business growth gaining momentum
Total business of the bank increased by 17.33 per cent YoY, wherein Gross Advances increased by 21.92 per cent YoY & Total Deposit grew by 14.14 per cent YoY. The bank now has a total Business of Rs.18,16,955 Crores as on September 30, 2022.
4. Credit in Retail, Agri and MSME (RAM) segments
RAM Segment of the bank increased by 14.86 per cent YoY, where 14.45 per cent growth in Retail, 15.19 per cent growth in Agriculture and 14.97 per cent growth in MSME advances achieved YoY basis. RAM advances as a per cent of Domestic Advances stood at 54.57 per cent.
- Reduction in NPA: –
Gross NPA ( per cent) reduced by 419 bps on YoY basis to 8.45 per cent and Net NPA(per cent) reduced by 197 bps on YoY basis to 2.64% as of 30.09.2022.
- Improved capital ratios
CRAR improved from 13.64 per cent as of 30.09.2021 to 14.50 per cent as of 30.09.2022. CET1 ratio improved to 10.67 per cent as of 30.09.2022 from 10.16 per cent as of 30.09.2021.