Shares of Union Bank of India on Friday closed at Rs30.80 per share up by 4.41 percent as compared to the previous close of Rs. 29.50 on the National Stock Exchange (NSE).

Results: The Union Bank of India earned a net profit of Rs 1,576 crore in the last nine months in the financial year of 2020 from April to December. The bank officials released financial results on Friday. Bank official, Mihir Kumar said in the dated month global advances were Rs 6,51,973 crore and domestic advances were Rs 6,35,225 crore.

Net non-performing assets were 19,063 crore as on December 31, 2020. He said, “The CASA deposits have increased by 11.10pc YoY. We now have a total deposits base at Rs.8.82 Lakh Crores as at the end of Q3FY21. CASA ratio improved to 35.4pc from 32.7pc a year ago”. “Bank registered 7pc growth in Retail, 8pc growth in Agriculture and 5pc growth in MSME advances YoY. Operating Profit and Net Profit of the Bank improved by 12pc and 41pc QoQ respectively.

Net interest income of the Bank grew by 5pc YoY during Q3FY21”, he said. “Provision coverage ratio of the Bank improved to 86pc during Q3FY21 as against 83pc during Q2FY21. Net NPA of Q3FY21 declined to 3.3pc from 6.5pc a year ago. CRAR improved from 12.38pc to 12.98pc QoQ. CET1 ratio improved to 9.22pc against the minimum requirement of 7.375pc. Bank has secured 4th position in overall ranking and 3rd position in 3 themes out of 5, amongst PSBs,” he added.

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