The Business Bytes
TBB BUREAU
MUMBAI, MAY 6, 2023
Union Bank of India on Saturday reported a 93.27 per cent rise in standalone net profit for the quarter ended March 31, 2023(Q4), amounting to Rs. 2,782 crore compared to Rs. 1,440 crore in the same quarter of the previous fiscal.
The net interest income (NII) of the bank for the quarter reached Rs. 8,251 crore, registering a growth of 21.88 per cent.
The CASA deposit of the bank, the cheapest source of funds, increased by 4.47per cent year-on-year (YoY), bringing the total deposits base to Rs. 11,17,716 crore as of March 31, 2023.
The bank also reported an improvement in asset quality. Gross NPA as a percentage of total advances reduced by 358 bps on a YoY basis to 7.53 per cent, while Net NPA reduced by 198 bps on a YoY basis to 1.70 per cent.
The total business of the bank increased by 10.23 per cent YoY, with gross advances increasing by 13.05 per cent YoY and total deposits growing by 8.26 per cent YoY. The bank’s total business was Rs. 19,27,621 crore as of March 31, 2023.
Credit in Retail, Agri and MSME (RAM) segments of the bank increased by 14.94 per cent YoY, where 17.19 per cent growth in Retail, 14.20 per cent growth in Agriculture and 13.06 per cent growth in MSME advances was achieved on YoY basis. RAM advances as a per cent of Domestic Advances stood at 55.61 per cent.
The Board of Directors of the bank recommended a dividend of Rs. 3 per share for the year ended March 31, 2023, subject to requisite approvals.
