Union Bank of India Posts Robust Third Quarter Performance with a 60% Surge in Net Profit

Union Bank of India

Union Bank of India, a state-owned lender, has reported a commendable 60% increase in its standalone net profit, reaching Rs 3,589.91 crore for the fiscal third quarter. This figure aligns with the anticipated estimate of Rs 3,558.2 crore by Motilal Oswal.

Financial Highlights of Union Bank of India :

  1. Sequential Growth: The net profit exhibited a moderate sequential growth of 2.24%, rising from Rs 3,511.42 crore in the July-September quarter.
  2. Improved Asset Quality: The bank disclosed a significant improvement in its gross non-performing asset (NPA), which decreased to 4.83% from 6.38% in the preceding quarter and 7.93% in the same period last year.
  3. Net NPAs: The bank’s net NPAs also saw a decline, standing at 1.08% compared to 1.30% in the previous quarter and 2.14% in Q3FY23.

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Asset Quality in Numbers:

  • Gross NPA Figures: The gross NPA of the bank amounted to Rs 43,261.88 crore in the October-December quarter, down from Rs 54,012.76 crore in the previous quarter and Rs 63,770.16 crore a year ago.
  • Net NPA Figures: Similarly, the net NPA of the lender reduced to Rs 9,351.23 crore in the reporting quarter, compared to Rs 10,471.01 crore in the previous quarter and Rs 16,195.11 crore in the same period last year.

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Balance Sheet Metrics:

  • Advances: The bank’s total advances recorded a substantial 11.44% year-on-year increase, reaching Rs 8.96 lakh crore.
  • Deposits: Deposits witnessed a noteworthy 10.09% surge, totaling Rs 11.72 lakh crore during Q3FY24.

This robust performance underscores Union Bank of India‘s resilience and positive trajectory, showcasing a strengthened financial position.

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