CRISIL assigns 'AA' rating to AT-1 bonds of Union Bank

Union Bank of India said that CRISIL Ratings had assigned a rating of 'CRISIL AA /Stable' on the additional tier-I bonds (Basel III) of the bank worth Rs 1,500 crore.

The announcement was made after market hours on Friday.

Union Bank of India is a state-run bank. The Government of India held 83.50% stake while Life Insurance Corporation (LIC) of India held 5.06% stake in the state-run bank, as on 30 September 2021.

The bank's standalone net profit surged 195.4% to Rs 1,526.12 crore on a 2.3% rise in total income to Rs 20,683.95 crore in Q2 FY22 over Q2 FY21.

 

Shares of Union Bank gained 3.40% to end at Rs 48.70 on the NSE on Friday.

On a year-to-date (YTD) basis, shares of Union Bank have gained 51.71% while the benchmark Nifty 50 index and the Nifty PSU Bank index have added 24.92% and 54.53%, respectively.

Powered by Capital Market - Live News