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20-Jul-2024

Union Bank of India

Steady performance

'Union Bank of India has reported 14% growth in net profit at Rs 3678.85 crore for the quarter ended June 2024 (Q1FY2025). The bank has posted healthy 6% growth in net interest income (NII), while the core fee income of the bank improved 34% in Q1FY2025. The Net Interest Margin (NIM) of the bank eased to 3.05% in Q1FY2025 compared to 3.13% in the corresponding quarter of previous year.

On business front, the bank as has posted 10% growth in business with 11% increase in loan book. The asset quality of the bank has continued to improve in Q1FY2025. The credit to deposit ratio increased to 74.5% at end June 2024 from 72.6% at end June 2023. However, the CASA ratio of the bank has declined to 32.6% at end June 2024 from 34.1% at end June 2023.

Asset quality improves: The bank has continued to improve asset quality in Q1FY2025.

The fresh slippages of loans stood at Rs 2318 crore in Q1FY2025 co...



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