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Union Bank of India conducted a conference call on 20 July 2024 to discuss its financial results for the quarter ended June 2024. A Manimekhalai, MD&CEO of the bank addressed the call:
Highlights:
The bank has maintained credit growth ahead of deposits. Advances grew 11.5% and deposits at 8.5%. CD ratio stood at 71.8% end June 2024.
The bank is targeting loan growth of 11-13% and deposit growth of 9-11% for FY2025.
The cost to income is expected to be at 45-45.5%.
The bank aims to add 200-250 branches in FY2025.
The fresh slippages of loans are expected at Rs 11500 crore recoveries and upgradations is expected at Rs 16000 crore.
The bank targets to achieve RoA of above 1%.
The GNPA ratio of the bank has declined to 4.54% and expects to reduce it to 4% by end March 2025.
The bank has continued to maintain NIM above 3% at 3.05% against the guidance of 2.8-3.0%.
The bank has...
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