Union Bank of India shares fall over 7%, total business fell by 0.24% QoQ

Shares of the state-run Union Bank of India fell by as much as 7% on Monday, January 6, following the release of its business update for the December quarter. For the quarter, the bank reported a year-on-year increase of 3.8% in deposits, but a decline of 2% compared to the previous quarter (September).

Advances grew by 5.9% year-on-year, reaching Rs 9.49 lakh crore, with a sequential increase of 2.2%. Overall, the total global business decreased by 0.24% quarter-on-quarter but rose by 4.7% year-on-year, amounting to Rs 21.65 lakh crore. Total global deposits fell by 2.04% quarter-on-quarter, while they increased by 3.76% year-on-year, totaling Rs 12.16 lakh crore.

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The lender's global gross advances rose 2.18% quarter-on-quarter and were up 5.93% year-on-year at Rs 9.49 lakh crore. Domestic CASA deposits were down 0.23% quarter-on-quarter and down 0.44% year-on-year at Rs 3.95 lakh crore. Domestic Advances rose 2.06% quarter-on-quarter and 5.33% year-on-year at Rs 9.13 lakh crore.

Shares of Union Bank of India are currently trading 6.7% lower on Monday at Rs 115.67.

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