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Union Bank Q3FY22: Net Profit jumps 49 pc YoY to Rs 1,085 cr Union Bank

Union Bank Q3FY22: Net Profit jumps 49 pc YoY to Rs 1,085 cr

India Blooms News Service | @indiablooms | 08 Feb 2022, 04:05 pm

Public sector lender Union Bank reported a Net Profit of Rs 1,085 crore, up 49.29 percent in Q3FY22 compared to Rs 727 crore in the same quarter last year.

The bank said its Net Interest Income grew 8.88 percent YoY to Rs 7,174 during Q3FY22 against Rs 6,590 recorded in the year-ago period.

The Net Interest Margin (NIM) was 3 percent, improving 6 bps YoY in the quarter ending December 2021.

The bank reported an Operating Profit of Rs 5,098 crore in the December quarter, down -3.17 percent compared to the same quarter last year which was Rs 5,265.

The CASA deposits have increased by 11.06 percent YoY. Union Bank now has a total deposits base at Rs 9,37,455 crores as at the end of Q3FY22.

CASA ratio improved by 161 bps to 36.99 percent from 35.38 percent on YoY basis.

The advances have increased by 5.51 percent and 2.69 percent on QoQ and YoY basis respectively, while deposits have increased by 2.56 percent and 6.24 percent on QoQ and YoY basis respectively. It now has a total business at Rs 16,06,986 crores as on Dec 31, 2021.

Credit in Retail, Agri and MSME (RAM) segments grew by 9.17 percent on a YoY basis Bank registered 9.78 percent growth in Retail, 11.08 percent growth in Agriculture and 6.38 percent growth in MSME advances on YoY basis.

RAM advances as a percent of Domestic Advances improved by 327 bps on YoY basis to 56.94 percent. 

Gross NPA (percent) reduced by 102 bps on QoQ basis to 11.62 percent and Net NPA (percent) reduced by 52 bps on QoQ basis to 4.09 percent on the last day of the quarter ending December 2021. Credit Cost reduced by 91 bps QoQ for Q3FY22, the bank said.

Total Provisions of the bank stood at Rs 4,013 crore while it was Rs 4,547 crore in the previous quarter and Rs 4,538 crore in Q3FY21.

In the quarter ending December 2021, CRAR improved from 12.98 percent in the same quarter last year to 13.92 percent.

CET1 ratio improved to 10.18 percent in the period under review from 9.22 percent in the same quarter previous year.

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