Union Bank Q2FY24 soars 90% YoY to Rs 3,511 cr; NII stands at Rs 9,126 cr
Mumbai: Public sector lender Union Bank recorded a net profit of Rs 3,511 crore in the quarter ending September of FY24, surging 90 percent compared to the Rs 1,848 crore reported in the same period last year.
The net interest income (NII) for the quarter also saw a notable increase, standing at Rs 9,126 crore, marking a 10 percent rise from the previous fiscal year.
The bank's gross non-performing asset (NPA) decreased to 6.38 percent from 8.45 percent year-on-year, while net NPA dropped to 1.30 percent from 2.64 percent.
The current account and savings account (CASA) deposits saw a 4.45 percent YoY increase, reaching Rs 11.37 lakh crores.
The bank's advances also grew by 9.5 percent, totalling Rs 8.47 lakh crores.
Notably, lending to the retail, agriculture, and MSME segments increased significantly, with RAM (Retail, Agriculture, MSME) advances accounting for 56.92 percent of domestic advances.
The Capital to Risk-Weighted Assets Ratio (CRAR) of the bank increased from 14.50 percent on September 30, 2022, to 16.69 percent.
The Common Equity Tier 1 (CET1) ratio, a key measure of a bank's core equity capital, improved to 13.05 percent from 10.67 percent the previous year.
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