Union Bank of India Q4 results, net profit up by 61.8% YoY

New Delhi: The Board of Directors of the Bank have recommended a dividend of Rs. 3.60 per equity share (36% of the face value of Rs.10 per equity share) for the year ended March 31, 2024 subject to requisite approvals.

Net Profit of the Bank increased by 61.84% on YoY basis during FY24. The net interest income of Bank grew by 11.61% on YoY basis during FY24.

Domestic deposits have increased by 8.42% YoY. Bank now have a total deposit base of Rs.12,21,528 Crores as on March 31, 2024.
 

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Gross NPA is reduced by 277 bps on YoY basis to 4.76% and Net NPA is reduced by 67 bps on YoY basis to 1.03% as on 31.03.2024.

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CRAR improved from 16.04% as on 31.03.2023 to 16.97% as on 31.03.2024. CET1 ratio improved to 13.65% as on 31.03.2024 from 12.36% as on 31.03.2023. The Bank’s Return on Assets and Return on Equity is improved to 1.03% and 15.58% respectively during FY24.

Meanwhile, the RAM Segment of the Bank increased by 13.82% YoY, where 11.14% growth in Retail, 20.95% growth in Agriculture and 8.58% growth in MSME advances is achieved on a YoY basis. RAM advances as a percent of Domestic Advances stood at 56.90%.

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