Page 5 - Union Bank Of India

Union Bank of India to sell 8 NAP accounts worth Rs 3,000 crore to NARCL

Union Bank of India on Friday said it has identified eight troubled accounts worth Rs 3,000 crore to be sold to the national bad bank NARCL this fiscal. The lender has more than doubled its net income at Rs 3,236 crore in the June 2023 quarter on improved asset quality and recoveries. The city-based bank had already sold three accounts worth Rs 900 crore last fiscal to the national bad bank at a recovery of 33 per cent. We have sort of identified as many as 42 troubled accounts with an outstanding of Rs 10,000 crore to be sold to the National Asset Reconstruction Company (NARCL). Of these, we hope to sell at least eight of them to that central government-owned bad bank this fiscal, A Manimekhalai, the chief executive and managing director of the public sector lender, told reporters at the bank's post-earnings presser here. Union Bank was one of the first lenders to sell its NPAs to NARCL in the first lot of the bad bank's such transactions. The bank had recovered Rs 20,000 crore f

Stocks to watch: RIL, Infosys, HUL, Ultratech Cement, Union Bank, L&T, DLF

Stocks to watch on July 21, 2023: From Reliance Industries to Infosys, check out the top stocks to watch in Friday's trading session

Union Bank Q1 net more than doubles to Rs 3,236 cr; NPA provisions decline

Non-interest income rose 38.57 per cent YoY to Rs 3,903 crore

Records related to Robert Vadra's company destroyed in bank basement

Union Bank of India has claimed that crucial documents between 2008 to 2012 were destroyed due to water flooding the bank basement

IIFL Finance raised $175 million in June from HSBC, Union Bank and BoB

With a borrowing of $100 million in March, the total borrowing in 2023-24 (FY24) so far has reached $275 million

Recovery underway in financial sector, upgrades of 4 institutions: S&P

S&P Global Ratings on Tuesday said a strong recovery is underway in the Indian financial sector and upgraded four financial institutions, including Union Bank of India and Bajaj Finance. The move reflects S&P's view that domestic financial institutions in India will continue to improve their asset quality, benefiting from good economic prospects and structural improvements in the operating conditions. "S&P Global Ratings today upgraded Bajaj Finance, Hero FinCorp, Shriram Finance, and Union Bank of India... A strong recovery is underway in the Indian financial sector," S&P said. S&P expects India's financial institutions, especially the public sector banks, to sustain their improvement in capital positions. Bank earnings will also likely be comparable to other emerging market peers, although margins could decline as the banks reprice deposits. "We expect earnings for our rated non-bank finance companies to remain healthy despite pressure from the rising cost of ...

S&P upgrades rating for Bajaj Finance, UBI, Shriram Finance & Hero Fincorp

The rating upgrade reflects the view that they will continue to improve their asset quality, benefiting from good economic prospects and structural improvements in operating conditions

Private banks register higher growth in deposits vs PSBs; rise 9.6% YoY

For the first time, HDFC Bank registered a total deposit of Rs 3.24 trillion, not quite close to SBI's deposits but still a sign of strong growth in terms of deposits

Surge in market valuations may give PNB, three other PSBs largecap status

Elevation expected during reclassification by Amfi next month

Seeing stress in MSME sector... had slippages of Rs 3K cr: A Manimekhalai

MSMEs showing signs of stress, says A Manimekhalai, managing director and chief executive, Union Bank of India

Union Bank's Q4 net rises 93.3% to Rs 2,782 cr on healthy growth in NII

The board of directors has recommended a dividend of Rs 3.0 per share (Rs 10 each) for FY23, subject to shareholders' approval, the Mumbai-based lender informed BSE

Union Bank of India board approves raising Rs 10,100 crore capital

Most banks have been taking board approvals in the new financial year for capital raising to support their growth plans

Nifty PSU Bank index surges 4% amid rebound in Adani group stocks

SBI, Bank of Baroda, Punjab & Sind Bank, Union Bank of India, UCO Bank, Bank of India, Bank of Maharashtra and Indian Overseas Bank were up 4 - 7 per cent each.

Union Bank of India reports two-fold jump in Q3 profit at Rs 2,245 cr

Union Bank of India on Friday reported two-fold jump in standalone profit at Rs 2,245 crore for third quarter ended December 2022 helped by decline in bad loans

PSBs in focus; UCO Bank, Indian Overseas, Union Bank surge over 5%

Motilal Oswal Financial Services believes that sustained and consistent performance on delivering healthy return ratios can result in further re-rating of the stocks.

Union Bank of India raises Rs 663 cr from AT-1 bonds under Basel-III norms

State-owned Union Bank of India on Friday said it has raised Rs 663 crore from Tier I bonds to fund business growth. "...the bank has allotted unsecured, subordinated, non-convertible, perpetual, taxable, fully paid-up Basel III compliant Additional Tier 1 bonds (AT-1) in the nature of debentures eligible for inclusion in Tier 1 Capital," Union Bank of India said in a regulatory filing. The bank raised Rs 663 crore in aggregate from these bonds, it said. Under the Basel-III norms, AT-1 bonds come with loss absorbency features, meaning that in case of stress, banks can write off such investments or convert them into common equity if approved by the Reserve Bank of India. AT-1 bonds qualify as core or equity capital.

BS BFSI Insight Summit: Who's who of PSBs to take part in panel discussion

From State Bank of India Chairman Dinesh Kumar Khara to Sanjiv Chadha, MD & CEO, Bank of Baroda, here is the list of panelists from public sector banks of India at BSFI Insight Summit

Union Bank likely to sell Rs 780 cr of AT-1 bonds as lenders seek capital

Lenders, particularly state-owned, turn to debt capital markets to finance hefty demand for loans

PSB index soars 3%; these three constituents have zoomed over 50% in 1 mth

In the past one month, the Nifty PSU Bank index has rallied 17.4 per cent as against a 2.1 per cent gain in the S&P BSE Sensex

Retail CBDC a game-changer, should improve monetary transmission: SBI chief

Anonymity factor is critical for its acceptance, asserts Dinesh Khara