Union Bank of India Q2 PAT climbs 34% YoY to Rs 4,720-cr

Union Bank of India standalone net profit jumped 34.41% to Rs 4,719.74 crore on 13.27% increase in total income to Rs 32036.46 crore in Q2 FY25 over Q2 FY24.

Net interest income (NII) of the bank decrease marginally Rs 9,047 crore in Q2 FY25 as against Rs 9,126 crore in Q2 FY24. Net interest margin (NIM) for Q2 FY25 was 2.90% as against 3.18% in Q2 FY24.

Operating profit improved by 12.35% to Rs 8,113 crore in Q2 FY25 from Rs 7,221 crore in Q2 FY24.

Total provisions stood at Rs 3,393 crore in Q2 FY25, down 8.52% YoY and up 17.36% QoQ.

Gross NPA of the bank amounted to Rs 40,499 crore as on 30 September 2024 as against Rs 54,012 crore as on 30 September 2024. Gross NPA ratio reduced by 202 basis points (bps) on YoY basis to 4.36% and net NPA ratio reduced by 32 bps on YoY basis to 0.98% as on 30 September 2024.

Deposits of the bank increased by 9.17% YoY to Rs 12,41,947 crore while global advances rose by 9.63% YoY to Rs 9,28,832 crore as on 30 September 2024.

The banks return on assets & return on equity stood at 1.35% and 19.10%, respectively, during Q2 FY25.

CRAR improved from 16.69 % as on 30 September 2023 to 17.13% as on 30 September 2024. CET-1 ratio improved to 13.88% as on 30 September 2024 from 13.05% as on 30 September 2023.

Union Bank of India is engaged in the business of treasury operations, corporate and wholesale banking, retail banking operations and other banking operations. The Government of India held 74.76% stake in the bank. As on 30 June 2024, the bank has 8,473 branches including foreign branches and 9,342 ATMs.

Shares of Union Bank of India shed 0.85% to Rs 110.70 on the BSE.

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