'Union Bank of India conducted a conference call on 22 October 2024 to discuss its financial results for the quarter ended September 2024. A Manimekhalai, MD&CEO of the bank addressed the call:
Highlights:
The bank has recorded the highest ever operating and net profit in Q2FY2025. The operating profit has increased by 12.4% to Rs 8113 crore and net profit has jumped 34.4% to Rs 4720 crore in Q2FY2025.
ROA has improved to 1.35% and ROE to 19.1% in Q2FY2025.
The bank has reduced gross NPAs by 202 bps and net NPAs by 32 bps end September 2024 over September 2023.
PCR has improved to 92.79% end September 2024.
Total business increased 9.4% to Rs 2170779 crore end September 2024, driven by gross advances growth of 9.6%.
The bank has improved cost to income ratio to 43.56% in Q2FY2025.
The Non-interest income of the bank has surged 44.19% to Rs 5328 crore in Q2FY2025.
The bank has recorded deposit growth of 9.2%...
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