Page 3 - Union Bank Of India

Sluggish capex, war on pricing dragged loan growth in Q2: Union Bank CEO

Sluggish capex demand from corporates and a 'war on pricing' in the market to sign up big borrowers brought down the targeted credit growth in the September quarter, Union Bank of India chief executive and managing director A Manimekhalai said on Tuesday. She said the state-owned lender had to stay away from many of the lending proposals because of such factors, due to which the corporate loan growth has slipped to 6.3 per cent, pulling down the overall loan growth to 9.6 per cent against the over 13 per cent for the system. The bank is targeting a loan growth of 11-13 per cent during the fiscal. Speaking to reporters, the MD and CEO said the bank had envisaged a pick-up in private capex, but the same did not turn up, leading to a muted growth in overall corporate advances. "We have let go lot many accounts for the interest rate reasons that we were not able to grow the book. Going forward, we hope the capex cycle revives. "The capex has not revived. It's just that the basket, whi

Facing pension delays? File a consumer complaint for quick resolution

National Commission observed the dispute was for pension benefit for which consideration in the form of contribution had been paid, so the complaint was maintainable

State-owned banks on apprenticeship spree to strengthen customer services

Banks are hiring apprentices for the first time amid gradual decline in number of employees

Vinay Rajani of HDFC Securities suggests buying these stocks on Sept 25

Nifty has formed a spinning top like pattern on Sept 24 after remaining in a 125 points range. Nifty could now face resistance from 26,250 while 25,611-25,791 band could offer support

Inflation likely held steady at five-year low of 3.5% in August: Poll

Although food prices, which make up nearly half the inflation basket, have eased significantly in the last two months, erratic monsoon rains across India could harm crop yields

Union Bank of India becomes 1st major bank to become signatory of PCAF

Union Bank of India on Monday announced its decision to become a signatory to the Partnership for Carbon Accounting Financials (PCAF). This step aligns with the growing global emphasis on climate risk management and the recent draft guidelines issued by the Reserve Bank of India (RBI) on climate risk disclosures. PCAF is a global partnership of financial institutions working to develop and implement a harmonized approach to assess and disclose greenhouse gas emissions associated with loans and investments, Union Bank said in a statement. By joining PCAF, Union Bank of India demonstrates its commitment to measuring and managing its financed emissions, a crucial aspect of climate risk management for banks, it said. "Financed emissions, often referred to as Scope 3 emissions, represent the indirect emissions that result from a Bank's lending and investment activities. These emissions can significantly outweigh a Bank's operational emissions and pose substantial risks to its portfolio

Nifty PSU Bank index dips below 200-DMA after more than 2 years; what next?

The PSU Bank index had zoomed 200% to a high of 8,053 after breaking above its 200-DMA in July 2022. At present, most PSU Bank stocks, barring SBI, are trading below this long-term moving average.

Toyota Kirloskar, Union Bank of India partner for vehicle loaning solutions

Toyota Kirloskar Motor on Friday said it has signed a memorandum of understanding (MoU) with Union Bank of India for providing vehicle financing solutions. Under the partnership, customers can get up to 90 per cent financing on the on-road price of any Toyota vehicle purchased for private use, exempting them from any foreclosure, or part-payment charges, the company said in a statement. Besides, private vehicle customers can opt for flexible tenures up to 7 years with interest rates starting from 8.8 per cent per annum. At present, commercial vehicle customers can opt for flexible tenures up to 5 years with competitive rates, it added. "This collaboration signifies our dedication to providing exceptional customer experiences by simplifying and making vehicle financing more accessible. Our goal is to streamline financing options, offer seamless experiences, and provide timely support to make the vehicle purchase process enjoyable," Toyota Kirloskar Motor (TKM) Vice President, ...

Union Bank invites EoIs to sell Rs 2,316 crore NPAs across 45 accounts

Some of the accounts in the list include those which went unsold in an auction in June

RBI penalises CSB Bank, Union Bank of India, others for norms violation

The Reserve Bank of India on Monday imposed penalties on five entities, including CSB Bank, Union Bank of India and Muthoot Housing Finance for contravention of various regulatory norms. A penalty of Rs 1.86 crore has been imposed on CSB Bank for non-compliance with certain directions issued by the RBI on 'Guidelines on Managing Risks and Code of Conduct in Outsourcing of Financial Services by banks' and 'Master Circular on Branch Authorisation'. In another statement, the RBI said a penalty of Rs 1.06 crore has been imposed on Union Bank of India for non-compliance with certain norms on 'Creation of a Central Repository of Large Common Exposures-Across Banks' and 'Know Your Customer (KYC)'. A fine of 5 lakh has been imposed on Muthoot Housing Finance Company for non-compliance with certain provisions of the 'Non-Banking Financial Company - Housing Finance Company (Reserve Bank) Directions, 2021', the central bank said in another release. The RBI has also imposed a penalty of Rs 5 l

PSU Banks in focus: BoB, UBI among 5 stocks trading at key support levels

Shares of Bank of Baroda, Union Bank of India and Indian Bank can potentially rally up to 15% if these support levels are held; check key support and resistance levels for 5 PSU bank stocks here.

11 public banks charge Rs 2,331 cr for non-maintenance of minimum balance

For the recovery of this charge from account holders, public sector banks have formulated slab structures based on different geographies and segments

Breakout stocks: Nykaa, DMart, Union Bank can rally up to 20%, hint charts

Union Bank of India, Avenue Supermarts (DMart), CCL Products, FSN E-Commerce Ventures and Tata Power among 9 NSE stocks with bullish MACD crossover on the daily charts.

Swiss challenge auction: Union Bank gets sole counter bid for Jaypee Health

Bank called for a Swiss auction for 5 accounts after receiving binding bids from a list of 25 accounts for sale

Union Bank to raise Rs 10,000 cr, including Rs 6,000 cr from stake sale

State-owned Union Bank of India on Tuesday approved a proposal to raise Rs 10,000 crore, including Rs 6,000 crore from share sale, to fund its business growth. The board approved raising equity capital not exceeding Rs 6,000 crore in tranche(s) within the overall limit of Rs 10,000 crore through public issue -- further public offer or rights issue or QIP, Union Bank of India said in a regulatory filing. This would be subject to the approval of the government, other regulatory authorities and shareholders' approval, it added. The board also approved the raising of Basel III compliant Additional Tier 1 (AT 1) Bonds not exceeding Rs 2,000 crore and Tier 2 Bonds not exceeding Rs 2,000 crore (including foreign currency denominated AT1/Tier 2 Bonds) within the overall limit of Rs 10,000 crore, it noted.

SBI, Power Grid can turbocharge your portfolio; 5 PSU stocks to bet on

PSU banks, CPSE stocks rally post exit poll verdict: SBI, Power Grid, Coal India, Hindustan Aeronautics and Union Bank of India seem to be favourably placed on the charts.

Union Bank of India Q4 result: Net profit rises 18% on lower provisions

State-owned Union Bank of India on Saturday reported an 18.36 per cent growth in its consolidated net profit for the March quarter to Rs 3,328 crore, helped by lower provisions. For the fiscal 2023-24, the lender reported a consolidated net profit of Rs 13,797 crore against Rs 8,512 crore in the year-ago period. In the quarter under review, its standalone net profit increased to Rs 3,311 crore from Rs 2,782 crore a year ago. The core net interest income grew 14.38 per cent to Rs 9,437 crore on an 11.7 per cent growth in advances and widening of net interest margin to 3.10 per cent from 2.97 per cent in the year-ago period. Its managing director and chief executive A Manimekhalai told reporters that for FY25, it is aiming for a credit growth of 11-13 per cent and deposit growth to be between 9-11 per cent compared to 9.3 per cent in FY24. It, however, expects a fall in NIMs to 2.8-3 per cent, she said, adding that the targets will be reviewed midway through the year. The non-inter

Maruti Suzuki, Union Bank of India partner for dealer financing solutions

Maruti Suzuki India on Tuesday said it has inked an initial pact with Union Bank of India for dealer financing solutions. The tie-up enhances the comprehensive inventory funding options for over 4,000 Maruti Suzuki sales outlets across the country, the auto major said in a statement. MSI (Maruti Suzuki India) Senior Executive Officer (Marketing & Sales) Shashank Srivastava said the automaker takes great care in nurturing its dealer network. "We proactively align our efforts in meeting the evolving demands of customers and the market, " he added. The company's partnership with Union Bank of India since 2008, has steadily evolved and reached a significant milestone of facilitating over 3,00,000 car finance cases till date, Srivastava said. "As a next milestone of our association, we are entering into an inventory funding Memorandum of Understanding (MoU) which will focus on innovative financing solutions for dealer partners," he added. Union Bank of India Managing Director & CEO

UBI shares surge 7%, approach 52-week high as bank launches Rs 3,000-cr QIP

A meeting of the Committee of Directors for Raising Capital Funds is scheduled to be held on February 23, 2024 to consider and approve the issue price for the QIP

Stocks to Watch today: Zee, Hindalco, RIL, Tata Power, Paytm, TVS Supply

Stocks to watch on Wednesday, February 21, 2024: In news today - Sebi finds Rs 2,000 cr fund diversion in Zee; Hindalco arm files IPO papers in US; Rolls Royce extends pact with TVS Supply Chain.