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

by Psu Connect
Date: 11-05-24

The Board of Directors of Union Bank of India has approved the accounts of the Bank for the Quarter and Year ended March 31, 2024.

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.

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.

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%.