AgenciesPublic sector lender on Friday reported a 106.8% year-on-year (YoY) rise in its net profit to Rs 2,245 crore for the quarter ended December 31, 2022. The bank had reported a net profit of Rs 1,085 crore in the same quarter of the previous financial year.
The net interest income of the bank for the quarter ended 31st December 2022 grew by 20.26% to Rs 8,628 crore from Rs 7,174 crore for the quarter ended 31st December 2021. Its net interest margin or NIM rose to 3.21% during the December 2022 quarter, higher by 21 bps year-on-year (YoY) and 6 bps quarter-on-quarter (QoQ).
The total business of the bank increased by 16.31% YoY, wherein gross advances increased by 20.09% YoY and total deposits grew by 13.61% YoY. The bank now has a total business of Rs 18,69,042 crore as on December 31, 2022.
Union Bank's gross NPA at the end of Q3FY23 stood at Rs 63,770 crore, down 18% compared to Rs 77,787 crore in the same quarter in the previous fiscal. While the net NPA as on 31st December 2022 stood at Rs 16,195 crore, down 35.88% compared to Rs 25,258 crore in the December quarter of FY22. The Provision Coverage Ratio (PCR) was 88.5% in Q3FY23.
Credit in retail, agri and MSME segments of the bank increased by 17.76 YoY, where 16.55% growth in retail, 17.56% growth in agriculture and 19.55% growth in MSME advances were achieved YoY basis.
The CASA deposits have increased by 8.43% YoY. Bank now has a total deposit base of Rs 10,65,027 crore as at the end of Q3FY23.
Shares of in Friday's trade rose up to 2.3% to Rs 83.5. The stock has also risen about 114% in the last six months, while it has surged nearly 82% in the last one year.
The net interest income of the bank for the quarter ended 31st December 2022 grew by 20.26% to Rs 8,628 crore from Rs 7,174 crore for the quarter ended 31st December 2021. Its net interest margin or NIM rose to 3.21% during the December 2022 quarter, higher by 21 bps year-on-year (YoY) and 6 bps quarter-on-quarter (QoQ).
The total business of the bank increased by 16.31% YoY, wherein gross advances increased by 20.09% YoY and total deposits grew by 13.61% YoY. The bank now has a total business of Rs 18,69,042 crore as on December 31, 2022.
Union Bank's gross NPA at the end of Q3FY23 stood at Rs 63,770 crore, down 18% compared to Rs 77,787 crore in the same quarter in the previous fiscal. While the net NPA as on 31st December 2022 stood at Rs 16,195 crore, down 35.88% compared to Rs 25,258 crore in the December quarter of FY22. The Provision Coverage Ratio (PCR) was 88.5% in Q3FY23.
Credit in retail, agri and MSME segments of the bank increased by 17.76 YoY, where 16.55% growth in retail, 17.56% growth in agriculture and 19.55% growth in MSME advances were achieved YoY basis.
The CASA deposits have increased by 8.43% YoY. Bank now has a total deposit base of Rs 10,65,027 crore as at the end of Q3FY23.
Shares of in Friday's trade rose up to 2.3% to Rs 83.5. The stock has also risen about 114% in the last six months, while it has surged nearly 82% in the last one year.
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