Union Bank Q2 results: PSU bank's net profit swells 90% YoY to ₹3,511 crore
Union Bank of India Q2 results: The government lender reported a whopping 90% rise in its net standalone profit to ₹3,511 crore in the September quarter of Financial year 2023-24. The bank reported a profit of ₹1,847.7 crore in the September quarter of FY 2022-23. Union Bank of India's net NPA reduced to 1.30% in the quarter under review from 2.64% in the year-ago period.
UBI's shares ended 5.49% higher at ₹99.95 per share on BSE on Friday. Its share value has increased by 22.79% YTD and by 89.12% in the last year. Net interest income of the bank grew by 9.89% on a YoY basis during the quarter under review.
The total business of the bank jumped by 9.24% YoY. Whereas, its Gross Advances jumped by 9.50% YoY. Its total deposit grew by 9.04% YoY.
Union Bank of India made a significant improvement in the Retail, Agri, and MSME (RAM) segment. Its credit in RAM jumped by 14.62% YoY. There was a 14.68% growth in Retail, 15.04% growth in Agriculture, and 14.03% growth in MSME advances on a YoY basis.
There was a healthy increase in Union Bank's network outside India as well. The bank included 8,521 branches in India and abroad. It also opened 105 MSME first branches to boost credit to local enterprises.
More than 10,000 ATMS were installed for better accessibility for its customers. There was a special emphasis on social welfare schemes launched by the central government. More than 3.51 lakh new enrollments were made by the bank under the Pradhan Mantri Jeevan Jyoti Bima Yojana, and 28.37 lakh new enrollments were made under the Pradhan Mantri Suraksha Bima Yojana.
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