MUMBAI, OCT 20, 2022
Union Bank of India’s net profit rose by 21.07 per cent year-on-year (YoY) to Rs 1,848 crore in the quarter that ended in September (Q2FY23) on the back of an improvement in its net interest margin (NIM).The bank has posted a net profit of Rs 1,526 crore in Q2FY22.
The Bank’s net interest income (NII) was up 21.61 per cent YoY in Q2FY23 to Rs 8,305 crore. Its net interest margin (NIM) improved to 3.15 per cent in Q2FY23 from 2.95 per cent in Q2FY22. The lender’s non-interest income went down by 17.65 per cent YoY to Rs 3,276 crore during the quarter under review.
The bank’s loan book grew 21.92 per cent YoY, at a much higher rate than the banking system’s pace of loan book expansion (16.4 cent YoY) in September 2022. Outstanding advances stood at Rs 7.73 trillion as of September 2022. The deposits grew by 14.14 per cent YoY to Rs 10.43 trillion in September 2022. The bank’s total capital adequacy ratio (CAR) stood at 14.5 per cent in September 2022, up from 13.64 per cent a year ago.