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BANK FINANCIAL RESULTSBreaking NewsCompany financial results

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

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

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.

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.

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.

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%.

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.
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.

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

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 bps QoQ 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. 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: - Renewable Energy Sector: -Sanctioned Rs. 22,998 crores as on 30.09.2023 Union Green Miles: -Sanctioned amount Rs. 316 crores as on 30.09.2023 Date: October 27, 2023 Place: Mumbai

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