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Press Release

Financial Results for the Quarter ended September 30, 2023

The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Quarter ended September 30, 2023.

Key Highlights in Q2FY24

1. Strong Financial Performance:

Net Profit of the Bank increased by 90.00% on YoY basis during Q2FY24. Net interest income of Bank grew by 9.89% on YoY basis during Q2FY24.

2. Bank continues to demonstrate a strong Liability franchise:

The CASA deposits have increased by 4.45% YoY. Bank now have a total deposits base of Rs.11,37,628 Crores as on September 30, 2023.

3. Business Growth gaining momentum:

Total Business of the Bank increased by 9.24% YoY, wherein Gross Advances increased by 9.50% YoY & Total Deposit grew by 9.04% YoY. Bank have a total Business of Rs.19,84,842 Crores as on September 30, 2023.

4. Credit in Retail, Agri and MSME (RAM) segments:

RAM Segment of the bank increased by 14.62% YoY, where 14.68% growth in Retail, 15.04% growth in Agriculture and 14.03% growth in MSME advances is achieved on YoY basis. RAM advances as a per cent of Domestic Advances stood at 56.92%.

5. Reduction in NPA:

Gross NPA (%) reduced by 207 bps on YoY basis to 6.38% and Net NPA (%) reduced by 134 bps on YoY basis to 1.30% as on 30.09.2023.

6. Strong capital ratios:

CRAR improved from 14.50% as on 30.09.2022 to 16.69% as on 30.09.2023. CET1 ratio improved to 13.05% as on 30.09.2023 from 10.67% as on 30.09.2022.

7. Improved return:

Bank's Return on Assets & Return on Equity improved to 1.07% and 17.97% respectively during Q2FY24.

Key Summary of Results

In Rs Crores

Q2FY23

Q1FY24

Q2FY24

YoY%

QoQ%

H1FY23

H1FY24

YoY%

Interest Income

19,682

23,478

24,587

24.92

4.72

37,856

48,065

26.97

Interest Expenses

11,377

14,638

15,461

35.90

5.62

21,969

30,099

37.01

Net Interest Income

8,305

8,840

9,126

9.89

3.24

15,887

17,966

13.09

Non-Interest Income

3,276

3,903

3,695

12.79

-5.33

6,093

7,598

24.71

NIM %

3.15

3.13

3.18

3 bps

5 bps

3.06

3.14

8 bps

Operating Profit

6,577

7,179

7,221

9.79

0.58

12,025

14,400

19.76

Total Provisions

4,729

3,943

3,709

-21.57

-5.92

8,618

7,652

-11.21

Profit After Tax

1,848

3,236

3,511

90.00

8.50

3,406

6,748

98.11

Corporate Communications Division, Union Bank Bhavan, 239, VidhanBhavan Marg, Nariman Point, Mumbai - 21.

Rs. (In Crores)

Q2FY23

Q1FY24

Q2FY24

YoY%

QoQ%

Balance Sheet

Global Advances

7,73,690

8,18,457

8,47,214

9.50

3.51

Domestic Advances

7,52,469

7,93,448

8,21,437

9.17

3.53

W/w Retail

1,46,715

1,62,373

1,68,256

14.68

3.62

Agriculture

1,43,874

1,53,615

1,65,506

15.04

7.74

MSME

1,17,354

1,27,745

1,33,822

14.03

4.76

RAM advances

4,07,943

4,43,733

4,67,584

14.62

5.38

Deposits

10,43,265

11,28,052

11,37,628

9.04

0.85

W/w CASA

3,71,697

3,85,084

3,88,229

4.45

0.82

Retail Term Deposits (<2 Crs)

4,37,866

4,36,386

4,43,274

1.24

1.58

CASA Ratio (%)

35.64

34.60

34.66

-98 bps

6 bps

GNPA

65,391

60,104

54,012

-17.40

-10.14

NNPA

19,193

12,138

10,421

-45.70

-14.15

Ratios (%)

Q2FY23

Q1FY24

Q2FY24

YoY

QoQ

bps

bps

Asset Quality

GNPA

8.45

7.34

6.38

-207

-96

NNPA

2.64

1.58

1.30

-134

-28

PCR

86.61

90.86

92.03

542

117

TPCR

70.65

79.80

80.71

1006

91

Credit Cost

1.50

0.97

0.81

-69

-16

CET-1 ratio

10.67

12.34

13.05

238

71

Tier-1 ratio

12.26

13.86

14.57

231

71

CRAR

14.50

15.95

16.69

219

74

Network:

8,521 Branches including foreign branches

10,013 ATMs

18,018 BC points

135 MLPs (MSME Loan Points)

159 RLPs (Retail Loan Points)

48 ALPs (Agriculture Loan Points)

105 MSME First Branches

1,685 Gold Loan Points

19 LCBs & 40 MCBs

9 SAMBs & 29 ARBs

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 PMJJBY, PMSBY, PMJDY and APY.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

This is a Government- backed insurance scheme; where 3.51 lakhs new enrollments were done by the Bank for the quarter ended September 30, 2023.

Corporate Communications Division, Union Bank Bhavan, 239, VidhanBhavan Marg, Nariman Point, Mumbai - 400021.

Classification: Internal

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Pradhan Mantri Suraksha Bima Yojana (PMSBY):

This is Government- backed accidental insurance scheme; where 28.37 lakhs new enrollments were done by the Bank for the quarter ended September 30, 2023.

Pradhan Mantri Jan Dhan Yojana (PMJDY):

Our bank is instrumental in opening 2.87 Crores accounts under PMJDY Scheme with balance of Rs. 9,286 Crores as on 30.09.2023. The corresponding figure was 2.82 Crores account with balance of Rs. 7,934 Crores as on 30.09.2022.

Atal Pension Yojana (APY):

APY is a pension scheme, primarily targeted at the individuals working in unorganized sector, 2.18 lakh new enrollments were done by Bank for the quarter ended September 30, 2023.

Union Nari Shakti Scheme for Women Entrepreneurs:

Sanctioned 12,812 Applications for Rs.1,376 crores during H1 FY24

Credit facility towards Green initiatives: -

  1. Renewable Energy Sector: -Sanctioned Rs. 22,998 crores as on 30.09.2023
  2. Union Green Miles: -Sanctioned amount Rs. 316 crores as on 30.09.2023

Date: October 27, 2023

Place: Mumbai

Corporate Communications Division, Union Bank Bhavan, 239, VidhanBhavan Marg, Nariman Point, Mumbai - 400021.

Classification: Internal

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Union Bank of India published this content on 27 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2023 14:52:03 UTC.