The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Quarter ended December 31, 2023.
| Key Highlights in Q3FY24 Strong Financial Performance: Net Profit of the Bank increased by 60.00% on YoY basis during Q3FY24. Net interest income of Bank grew by 6.26% on YoY basis during Q3FY24. Bank continues to demonstrate a strong Liability franchise: The CASA deposits have increased by 5.62% YoY. Bank now have a total deposits base of Rs.11,72,455 Crores as on December 31, 2023. Business Growth gaining momentum: Total Business of the Bank increased by 10.67% YoY, wherein Gross Advances increased by 11.44% YoY & Total Deposit grew by 10.09% YoY. Bank have a total Business of Rs.20,68,429 Crores as on December 31, 2023. Growth in Retail, Agri and MSME (RAM) segments: RAM Segment of the Bank increased by 13.85% YoY, where 12.60% growth in Retail, 17.88% growth in Agriculture and 10.51% growth in MSME advances is achieved on YoY basis. RAM advances as a percent of Domestic Advances stood at 56.28%. Reduction in NPA: Gross NPA (%) reduced by 310 bps on YoY basis to 4.83% and Net NPA (%) reduced by 106 bps on YoY basis to 1.08% as on 31.12.2023. Strong Capital Ratios: CRAR improved from 14.45% as on 31.12.2022 to 15.03% as on 31.12.2023. CET1 ratio improved to 11.71% as on 31.12.2023 from 10.71% as on 31.12.2022. Improved Returns: Bank’s Return on Assets & Return on Equity improved to 1.07% and 17.25% respectively during Q3FY24. |
Key Summary of Results
| In Rs Crores | Q3FY23 | Q2FY24 | Q3FY24 | YoY% | QoQ% | 9MFY23 | 9MFY24 | YoY% |
| Interest Income | 20,883 | 24,587 | 25,363 | 21.45 | 3.16 | 58,739 | 73,428 | 25.01 |
| Interest Expenses | 12,255 | 15,461 | 16,195 | 32.15 | 4.75 | 34,224 | 46,294 | 35.27 |
| Net Interest Income | 8,628 | 9,126 | 9,168 | 6.26 | 0.46 | 24,515 | 27,134 | 10.68 |
| Non-Interest Income | 3,271 | 3,695 | 3,774 | 15.39 | 2.14 | 9,364 | 11,373 | 21.45 |
| NIM % | 3.21 | 3.18 | 3.08 | -13 bps | -10 bps | 3.11 | 3.10 | -1 bps |
| Operating Profit | 6,619 | 7,221 | 7,278 | 9.95 | 0.79 | 18,644 | 21,678 | 16.27 |
| Total Provisions | 4,374 | 3,709 | 3,688 | -15.70 | -0.59 | 12,993 | 11,340 | -12.72 |
| Profit After Tax | 2,245 | 3,511 | 3,590 | 60.00 | 2.24 | 5,651 | 10,338 | 82.94 |
| Rs. (In Crores) | Q3FY23 | Q2FY24 | Q3FY24 | YoY% | QoQ% |
| Balance Sheet | |||||
| Global Advances | 8,04,015 | 8,47,214 | 8,95,974 | 11.44 | 5.76 |
| Domestic Advances | 7,83,008 | 8,21,437 | 8,66,689 | 10.69 | 5.51 |
| W/w Retail | 1,54,037 | 1,68,256 | 1,73,445 | 12.60 | 3.08 |
| Agriculture | 1,50,652 | 1,65,506 | 1,77,583 | 17.88 | 7.30 |
| MSME | 1,23,737 | 1,33,822 | 1,36,746 | 10.51 | 2.18 |
| RAM advances | 4,28,426 | 4,67,584 | 4,87,774 | 13.85 | 4.32 |
| Deposits | 10,65,027 | 11,37,628 | 11,72,455 | 10.09 | 3.06 |
| W/w CASA | 3,75,981 | 3,88,229 | 3,97,107 | 5.62 | 2.29 |
| Retail Term Deposits (<2 Crs) | 4,37,413 | 4,43,274 | 4,41,792 | 1.00 | -0.33 |
| CASA Ratio (%)- domestic | 35.35 | 34.66 | 34.40 | -95 bps | -26 bps |
| GNPA | 63,770 | 54,012 | 43,262 | -32.16 | -19.90 |
| NNPA | 16,195 | 10,421 | 9,351 | -42.26 | -10.26 |
| Ratios (%) | Q3FY23 | Q2FY24 | Q3FY24 | YoY bps | QoQ bps |
| Asset Quality | |||||
| GNPA | 7.93 | 6.38 | 4.83 | -310 | -155 |
| NNPA | 2.14 | 1.30 | 1.08 | -106 | -22 |
| PCR | 88.50 | 92.03 | 92.54 | 404 | 51 |
| TPCR | 74.6 | 80.71 | 78.38 | 378 | -233 |
| Credit Cost | 1.24 | 0.81 | 0.56 | -68 | -25 |
| CET-1 ratio | 10.71 | 13.05 | 11.71 | 100 | -134 |
| Tier-1 ratio | 12.27 | 14.57 | 13.05 | 78 | -152 |
| CRAR | 14.45 | 16.69 | 15.03 | 58 | -166 |
Network:
- 8,479 Branches including foreign branches
- 9,889 ATMs
- 18,987 BC points
- 135 MLPs (MSME Loan Points)
- 159 RLPs (Retail Loan Points)
- 43 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 1.98 lakhs new enrollments were done by the Bank for the quarter ended December 31, 2023.
- Pradhan Mantri Suraksha Bima Yojana (PMSBY):
This is Government- backed accidental insurance scheme; where 8.87 lakhs new enrollments were done by the Bank for the quarter ended December 31, 2023.
- Pradhan Mantri Jan Dhan Yojana (PMJDY):
Our bank is instrumental in opening 2.88 Crores accounts under PMJDY Scheme with balance of Rs. 9,604 Crores as on 31.12.2023. The corresponding figure was 2.86 Crores account with balance of Rs. 8,162 Crores as on 31.12.2022.
- Atal Pension Yojana (APY):
APY is a pension scheme, primarily targeted at the individuals working in unorganized sector, 2.09 lakh new enrollments were done by Bank for the quarter ended December 31, 2023.
- Union Nari Shakti Scheme for Women Entrepreneurs:
Sanctioned 18,017 Applications for Rs.2,011 crores during 9M FY24
- Credit facility towards Green initiatives: –
- Renewable Energy Sector: –Sanctioned Rs. 25,256 crores as on 31.12.2023
- Union Green Miles: –Sanctioned amount Rs. 398 crores as on 31.12.2023
