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The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Quarter ended September 30, 2022

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Key Highlights in Q2FY23

  1. Strong Financial Performance:

Net Profit of the Bank increased by 21.07% on YoY basis during Q2FY23. Net interest income of Bank grew by 21.61% on YoY basis during Q2FY23.

 

  1. Bank continues to demonstrate a strong liability franchise

The CASA deposits have increased by 9.42 % YoY. Bank now have a total deposits base at Rs.10,43,265 Crores as at the end of Q2FY23.

 

  1. Business growth gaining momentum

Total Business of the Bank increased by 17.33% YoY, wherein Gross Advances increased by 21.92 % YoY & Total Deposit grew by 14.14% YoY. Bank now have a total Business at Rs.18,16,955 Crores as on September 30, 2022.

 

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

RAM Segment of the bank increased by 14.86 % YoY, where 14.45 % growth in Retail, 15.19% growth in Agriculture and 14.97 % growth in MSME advances achieved YoY basis. RAM advances as a per cent of Domestic Advances stood at 54.57%.

 

  1. Reduction in NPA: –

Gross NPA (%) reduced by 419 bps on YoY basis to 8.45% and Net NPA(%) reduced by 197 bps on YoY basis to 2.64% as on 30.09.2022.

  1. Improved capital ratios

CRAR improved from 13.64 % as on 30.09.2021 to 14.50% as on 30.09.2022. CET1 ratio improved to 10.67 % as on 30.09.2022 from 10.16% as on 30.09.2021.

 

Key Summary of Q2 FY2023 Results

In Rs Crores Q2FY22 Q1FY23 Q2FY23 YoY% QoQ% H1FY22 H1FY23 YoY%
Profit & Loss
Interest Income 16,706 18,174 19,682 17.81 8.29 33,840 37,856 11.87
Interest Expenses 9,876 10,593 11,377 15.19 7.40 19,997 21,969 9.86
Net Interest Income 6,829 7,582 8,305 21.61 9.54 13,843 15,887 14.77
Non-Interest Income 3,978 2,817 3,276 -17.65 16.31 6,758 6,093 -9.83
NIM % 2.95 3.00 3.15 20 bps 15 bps 3.00 3.06 6 bps
Operating Profit 6,074 5,448 6,577 8.29 20.73 11,255 12,025 6.84
Total Provisions 4,547 3,889 4,729 4.00 21.61 8,548 8,618 0.83
Profit After Tax 1,526 1,558 1,848 21.07 18.56 2,707 3,406 25.82
Rs. (In Crores) Q2FY22 Q1FY23 Q2FY23 YoY% QoQ%

 

Balance Sheet
Global Advances 6,34,583 7,28,635 7,73,690 21.92 6.18
Domestic Advances 6,19,137 7,09,904 7,52,469 21.54 6.00
W/w Retail 1,28,190 1,39,410 1,46,715 14.45 5.24
       Agriculture 1,24,897 1,35,503 1,43,874 15.19 6.18
      MSME 1,04,436 1,14,674 1,20,069 14.97 4.70
     RAM advances 3,57,523 3,89,587 4,10,658 14.86 5.41
Deposits 9,14,022 9,92,774 10,43,265 14.14 5.09
W/w CASA 3,39,692 3,59,335 3,71,697 9.42 3.44
      Retail Term Deposits(<2 Crs) 4,34,299 4,38,931 4,37,866 0.82 -0.24
CASA Ratio (%) 37.16 36.19 35.63 -153 bps -56 bps
GNPA 80,211 74,500 65,391 -18.48 -12.23
NNPA 26,785 22,392 19,193 -28.34 -14.29
Ratios (%) Q2FY22 Q1FY23 Q2FY23 YoY

bps

QoQ

bps

Asset Quality
GNPA 12.64 10.22 8.45 -419 -177
NNPA 4.61 3.31 2.64 -197 -67
PCR 81.77 84.75 86.61 484 186
TPCR 66.61 69.94 70.65 404 71
Credit Cost 2.31 2.02 1.50 -81 -52
CET-1 ratio 10.16 10.68 10.67 51 -1
Tier-1 ratio 11.32 12.14 12.26 94 12
CRAR 13.64 14.42 14.50 86 8

Network:

    8,729 Branches including foreign branches

    11,092 ATMs

    16,109 BC points

    126 MLPs (MSME Loan Points)

    207 RLPs (Retail Loan Points)

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