Union Bank of India’s announcement of “Financial Results for the Quarter ended December 31, 2024.”
Union Bank of India Financial Results
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The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Quarter ended December 31, 2024.
Key Highlights in Q3FY25
Net Profit of the Bank increased by 28.24% on YoY basis during Q3FY25. Non-interest income of Bank grew by 17.02% on YoY basis during Q3FY25.
Global deposits have increased by 3.76% YoY. Bank now have a total deposits base of Rs.12,16,562 Crores as on December 31, 2024.
Total Business of the Bank increased by 4.70% YoY, wherein Gross Advances increased by 5.94% YoY & Total Deposit grew by 3.76% YoY. Bank has a total Business of Rs.21,65,726 Crores as on December 31, 2024.
RAM Segment of the Bank increased by 9.26% YoY, where 16.36% growth in Retail, 4.34% growth in Agriculture and 6.34% growth in MSME is achieved on YoY basis. RAM advances as a percent of Domestic Advances stood at 56.69%.
Gross NPA (%) improved by 98 bps on YoY basis to 3.85% and Net NPA (%) improved by 26 bps on YoY basis to 0.82% as on December 31, 2024.
CRAR improved from 15.03% as on December 31, 2023 to 16.72% as on December 31, 2024. CET1 ratio improved from 11.71% as on December 31, 2023 to 13.59% as on December 31, 2024.
Bank’s Return on Assets improved by 23 bps on YoY basis to 1.30% & Return on Equity improved by 50 bps on YoY basis to 17.75% during Q3FY25. |
Key Summary of Results
| In Rs. Crores | Dec-23
(3M) |
Sep-24
(3M) |
Dec-24
(3M) |
YoY% | QoQ% | Dec-23
(9M) |
Dec-24
(9M) |
YoY% |
| Interest Income | 25,363 | 26,708 | 26,958 | 6.29 | 0.93 | 73,428 | 80,031 | 8.99 |
| Interest Expenses | 16,195 | 17,661 | 17,718 | 9.40 | 0.32 | 46,294 | 52,331 | 13.04 |
| Net Interest Income | 9,168 | 9,047 | 9,240 | 0.79 | 2.13 | 27,134 | 27,700 | 2.09 |
| Non-Interest Income | 3,774 | 5,328 | 4,417 | 17.02 | -17.11 | 11,373 | 14,254 | 25.33 |
| NIM % | 3.08 | 2.90 | 2.91 | -17 bps | 1 bps | 3.10 | 2.94 | -16 bps |
| Operating Profit | 7,278 | 8,113 | 7,492 | 2.94 | -7.65 | 21,678 | 23,390 | 7.90 |
| Total Provisions | 3,688 | 3,393 | 2,888 | -21.68 | -14.88 | 11,340 | 10,388 | -8.40 |
| Profit After Tax | 3,590 | 4,720 | 4,604 | 28.24 | -2.46 | 10,338 | 13,002 | 25.77 |
| Rs. (In Crores) | Dec-23 | Sep-24 | Dec-24 | YoY% | QoQ% |
| Balance Sheet | |||||
| Global Advances | 8,95,974 | 9,28,832 | 9,49,164 | 5.94 | 2.19 |
| Domestic Advances | 8,66,689 | 8,94,404 | 9,12,927 | 5.34 | 2.07 |
| W/w Retail | 1,73,445 | 1,92,375 | 2,01,812 | 16.36 | 4.91 |
| Agriculture | 1,77,583 | 1,91,913 | 1,85,284 | 4.34 | -3.45 |
| MSME | 1,22,655 | 1,26,745 | 1,30,437 | 6.34 | 2.91 |
| RAM advances | 4,73,683 | 5,11,033 | 5,17,533 | 9.26 | 1.27 |
| Deposits | 11,72,455 | 12,41,947 | 12,16,562 | 3.76 | -2.04 |
| W/w CASA | 3,97,107 | 3,96,295 | 3,95,328 | -0.45 | -0.24 |
| Retail Term Deposits | 4,46,705 | 4,78,114 | 4,82,830 | 8.09 | 0.99 |
| CASA Ratio (%)- domestic | 34.40 | 32.72 | 33.43 | -97 bps | 71 bps |
| GNPA | 43,262 | 40,499 | 36,554 | -15.51 | -9.74 |
| NNPA | 9,351 | 8,759 | 7,568 | -19.07 | -13.60 |
| Ratios (%) | Dec-23 | Sep-24 | Dec-24 | YoY
bps |
QoQ
bps |
| Asset Quality | |||||
| GNPA | 4.83 | 4.36 | 3.85 | -98 | -51 |
| NNPA | 1.08 | 0.98 | 0.82 | -26 | -16 |
| PCR | 92.54 | 92.79 | 93.42 | 88 | 63 |
| TPCR | 78.38 | 78.37 | 79.30 | 92 | 93 |
| Credit Cost | 0.56 | 1.09 | 0.63 | 7 | -46 |
| CET-1 ratio | 11.71 | 13.88 | 13.59 | 188 | -29 |
| Tier-1 ratio | 13.05 | 15.23 | 14.89 | 184 | -34 |
| CRAR | 15.03 | 17.13 | 16.72 | 169 | -41 |
Network:
- 8,574 Branches including foreign branches
- 9,087 ATMs
- 23,114 BC points
- 135 MLPs (MSME Loan Points)
- 137 RLPs (Retail Loan Points)
- 54 ALPs (Agriculture Loan Points)
- 106 Union MSME First Branches
- 1,685 Gold Loan Points
- 16 LCBs & 37 MCBs
- 6 SAMBs & 30 ARBs
Financial Inclusion schemes:
Financial Inclusion schemes launched by GOI with an aim to eliminate barriers and provide economically priced financial services to the less accessible sections of the society through government-backed schemes like PMJJBY, PMSBY, PMJDY and APY.
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
This is a Government- backed insurance scheme; where 4.40 lakhs new enrollments were done by the Bank for the quarter ended December 31, 2024.
- Pradhan Mantri Suraksha Bima Yojana (PMSBY):
This is Government- backed insurance scheme for accidental insurance; where 15.99 lakhs new enrollments were done by the Bank for the quarter ended December 31, 2024.
- Pradhan Mantri Jan Dhan Yojana (PMJDY):
Our bank is instrumental in opening 3.14 Crores accounts under PMJDY Scheme with balance of Rs. 11,637 Crores as on December 31, 2024. The corresponding figure was 2.88 Crores account with balance of Rs. 9,604 Crores as on December 31, 2023.
- Atal Pension Yojana (APY):
APY is a pension scheme, primarily targeted at the individuals working in unorganized sector, 1.66 lakh new enrollments were done by Bank for the quarter ended December 31, 2024.
- Union Nari Shakti Scheme for Women Entrepreneurs:
Sanctioned 4,242 Applications for Rs.598 crores during Q3 FY25
- Credit facility towards Green initiatives: –
- Renewable Energy Sector: –Sanctioned Rs. 27,269 crores as on December 31, 2024
- Union Green Miles: –Sanctioned amount Rs. 645 crores as on December 31, 2024
