Union Bank of India records PAT of Rs 2,245 crore in Q3; NIM at 3.21%

Union Bank of India reported a net profit of Rs 2,245 crore in Q3 FY23, which is significantly higher as compared with a net profit of Rs 1,085 crore recorded in the same period last year.

Net interest income (NII) increased by 20.3% to Rs 8,628 crore in Q3 FY23 from Rs 7,174 crore in Q3 FY22. Net interest margin was 3.21% in Q3 FY23 as against 3% in Q3 FY22.

Total income during the quarter increased by 24% YoY to Rs 24,154 crore.

Operating Profit rose by 29.8% to Rs 6,619 crore in Q3 FY23 over Q3 FY22.

Provisions in the third quarter amounted to Rs 4,374 crore, which is higher by 9% as compared with Rs 4,013 crore reported in the same period last year.

Gross NPA stood at Rs 63,770 crore as on 31 December 2022 as against Rs 65,391 crore as on 30 September 2022 and Rs 77,787 crore as on 31 December 2021.

Net NPA stood at Rs 16,195 crore as on 31 December 2022 as against Rs 19,193 crore as on 30 September 2022 and Rs 25,258 crore as on 31 December 2021.

Net NPA ratio was 2.14% as on 31 December 2022 as against 2.64% as on 30 September 2022 and 4.09% as on 31 December 2021.

Total business of the bank increased by 16.31% YoY, wherein gross advances increased by 20.1% YoY to Rs 8,04,015 crore & total deposit grew by 13.6% YoY to Rs 10,65,027 crore. The bank now have a total business of Rs 18,69,042 crore as on 31 December 2022.

CRAR improved from 13.92 % as on 31 December 2021 to 14.45% as on 31 December 2022. CET-1 ratio improved to 10.71% as on 31 December 2022 from 10.18% as on 31 December 2021.

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 83.49% stake in the bank as on 31 December 2022.

The scrip shed 0.06% to currently trade at Rs 81.55 on the BSE.

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