Public-sector lender Union Bank of India on Friday reported an 8.3% year-on-year rise in its web revenue for the March quarter to Rs 1,440 crore on the again of a robust development in web curiosity revenue (NII).
The lender’s NII – the distinction between curiosity earned and curiosity expended – stood at Rs 6,769 crore, up 25% YoY. The web curiosity margin (NIM) fell 25 foundation factors (bps) sequentially to 2.75%. The working revenue rose 11% YoY to Rs 5,520 crore.
Gross advances grew 9.6% to Rs 7.16 trillion on the finish of March 2022, with gold loans, which grew over 18%, being a significant driver. The lender’s present and financial savings account (CASA) ratio rose to 36.54% within the quarter beneath assessment from 36.33% in the identical quarter final yr. Its complete deposits rose 11.75% to Rs 10.32 trillion.
Provisions fell 2% YoY to Rs 3,618 crore. The financial institution confirmed an enchancment by way of asset high quality. Gross non-performing property (NPAs) as a proportion of complete advances fell 51 bps on a sequential foundation to 11.11% and the online NPA ratio declined 41 bps to three.68%.
The worth of slippages in the course of the March quarter stood at Rs 5,672 crore, increased than Rs 3,411 crore within the quarter ended December. Recoveries improved to Rs 1,896 crore in This autumn from Rs 1,343 crore in Q3.
Shares of Union Bank on Friday closed at Rs 36.2 on the BSE, up 7.42% from the earlier shut.