Union Bank of India reports 93% rise in Q4 net profit

The bank guided for 10-12 percent advances growth for March 2024 similar to for FY23 and 8-10 percent deposit growth, which is lower than previous guidance.

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26 Aug, 2025 12:21

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Union Bank of India has reported a 93.27% rise in standalone net profit for the quarter ended March, amounting to Rs. 2,782 crore compared to Rs. 1,440 crore in the same quarter of the previous year.

The company announced in a regulatory filing that the net interest income (NII) for the quarter reached Rs. 8,251 crore, showing a growth of 21.88%. The Board of Directors has recommended a dividend of Rs. 3 per share for the year ended March 31, 2023, subject to requisite approvals.

The CASA deposit of the bank, the cheapest source of funds, increased by 4.47% YoY, bringing the total deposits base to Rs. 11,17,716 crores as of March 31, 2023.

Union Bank of India also reported an improvement in asset quality. Gross NPA as a percentage of total advances reduced by 358 bps on a YoY basis to 7.53%, while Net NPA reduced by 198 bps on a YoY basis to 1.70%.

The bank reported that total business increased by 10.23% YoY, with gross advances increasing by 13.05% YoY and total deposits growing by 8.26% YoY. The bank's total business stands at Rs. 19,27,621 crore as of March 31, 2023.

The bank has guided for a 10-12% growth in advances for March 2024, similar to FY23, and an 8-10% deposit growth, which is lower than the previous guidance.

The bank has kept the guidance for net interest margin constant at 3%. The company plans to bring Gross NPA to less than 6%, with expected slippages of about Rs. 12,000 crore and gross recovery of Rs. 16,000 crore.