Financial Results for the Quarter/Year ended March 31, 2024
The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Quarter/Year ended March 31, 2024.
Key Highlights in FY24
1. Board of Directors have recommended a dividend of Rs. 3.60 per equity share (36% of face value of Rs.10 per equity share) for the year ended March 31, 2024 subject to requisite approvals.
2. Strong Financial Performance:
Net Profit of the Bank increased by 61.84% on YoY basis during FY24. Net interest income of Bank grew by 11.61% on YoY basis during FY24.
3. Bank continues to demonstrate a strong Liability franchise:
Domestic deposits have increased by 8.42% YoY. Bank now have a total deposits base of Rs.12,21,528 Crores as on March 31, 2024.
4. Business Growth gaining momentum:
Total Business of the Bank increased by 10.31% YoY, wherein Gross Advances increased by 11.73% YoY & Total Deposit grew by 9.29% YoY. Bank has a total Business of Rs.21,26,412 Crores as on March 31, 2024.
5. Growth in Retail, Agri and MSME (RAM) segments:
RAM Segment of the Bank increased by 13.82% YoY, where 11.14% growth in Retail, 20.95% growth in Agriculture and 8.58% growth in MSME advances is achieved on YoY basis. RAM advances as a percent of Domestic Advances stood at 56.90%.
6. Reduction in NPA:
Gross NPA (%) reduced by 277 bps on YoY basis to 4.76% and Net NPA (%) reduced by 67 bps on YoY basis to 1.03% as on 31.03.2024.
7. Strong Capital Ratios:
CRAR improved from 16.04% as on 31.03.2023 to 16.97% as on 31.03.2024. CET1 ratio improved to 13.65% as on 31.03.2024 from 12.36% as on 31.03.2023.
8. Improved Returns:
Bank’s Return on Assets & Return on Equity improved to 1.03% and 15.58% respectively during FY24.
Key Summary of Results
|
In Rs. Crores |
Q4FY23 |
Q3FY24 |
Q4FY24 |
YoY% |
QoQ% |
FY23 |
FY24 |
YoY% |
|
Interest Income |
22,005 |
25,363 |
26,350 |
19.75 |
3.89 |
80,743 |
99,778 |
23.57 |
|
Interest Expenses |
13,754 |
16,195 |
16,913 |
22.97 |
4.43 |
47,978 |
63,208 |
31.74 |
|
Net Interest Income |
8,251 |
9,168 |
9,437 |
14.38 |
2.93 |
32,765 |
36,570 |
11.61 |
|
Non-Interest Income |
5,269 |
3,774 |
4,707 |
-10.66 |
24.72 |
14,633 |
16,080 |
9.89 |
|
NIM % |
2.98 |
3.08 |
3.09 |
11 bps |
1 bps |
3.07 |
3.10 |
3 bps |
|
Operating Profit |
6,823 |
7,278 |
6,533 |
-4.26 |
-10.24 |
25,467 |
28,211 |
10.77 |
|
Total Provisions |
4,041 |
3,688 |
3,222 |
-20.26 |
-12.64 |
17,034 |
14,562 |
-14.51 |
|
Profit After Tax |
2,782 |
3,590 |
3,311 |
19.00 |
-7.77 |
8,433 |
13,648 |
61.84 |
|
Rs. (In Crores) |
Q4FY23 |
Q3FY24 |
Q4FY24 |
YoY% |
QoQ% |
|
Balance Sheet |
|||||
|
Global Advances |
8,09,905 |
8,95,974 |
9,04,884 |
11.73 |
0.99 |
|
Domestic Advances |
7,85,302 |
8,66,689 |
8,73,632 |
11.25 |
0.80 |
|
W/w Retail |
1,59,702 |
1,73,445 |
1,77,488 |
11.14 |
2.33 |
|
Agriculture |
1,51,993 |
1,77,583 |
1,83,833 |
20.95 |
3.52 |
|
MSME |
1,25,022 |
1,36,746 |
1,35,748 |
8.58 |
-0.73 |
|
RAM advances |
4,36,717 |
4,87,774 |
4,97,069 |
13.82 |
1.91 |
|
Deposits |
11,17,716 |
11,72,455 |
12,21,528 |
9.29 |
4.19 |
|
W/w CASA |
3,94,055 |
3,97,107 |
4,10,134 |
4.08 |
3.28 |
|
Retail Term Deposits (<2 Crs) |
4,38,280 |
4,41,792 |
4,51,363 |
2.99 |
2.17 |
|
CASA Ratio (%)- domestic |
35.62 |
34.40 |
34.20 |
-142 bps |
-20 bps |
|
GNPA |
60,987 |
43,262 |
43,098 |
-29.33 |
-0.38 |
|
NNPA |
12,928 |
9,351 |
8,990 |
-30.46 |
-3.86 |
|
Ratios (%) |
Q4FY23 |
Q3FY24 |
Q4FY24 |
YoY bps |
QoQ bps |
|
Asset Quality |
|||||
|
GNPA |
7.53 |
4.83 |
4.76 |
-277 |
-7 |
|
NNPA |
1.70 |
1.08 |
1.03 |
-67 |
-5 |
|
PCR |
90.34 |
92.54 |
92.69 |
235 |
15 |
|
TPCR |
78.80 |
78.38 |
79.14 |
34 |
76 |
|
Credit Cost |
1.77 |
0.56 |
0.66 |
-111 |
10 |
|
|
|||||
|
CET-1 ratio |
12.36 |
11.71 |
13.65 |
129 |
194 |
|
Tier-1 ratio |
13.91 |
13.05 |
15.00 |
109 |
195 |
|
CRAR |
16.04 |
15.03 |
16.97 |
93 |
194 |
Network:
- 8,466 Branches including foreign branches 8,982 ATMs
- 19,603 BC points
- 135 MLPs (MSME Loan Points) 159 RLPs (Retail Loan Points)
- 42 ALPs (Agriculture Loan Points) 105 Union MSME First Branches 1,685 Gold Loan Points
- 19 LCBs & 40 MCBs
- 8 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 3.00 lakhs new enrollments were done by the Bank for the quarter ended March 31, 2024.
- Pradhan Mantri Suraksha Bima Yojana (PMSBY):
This is Government- backed accidental insurance scheme; where 7.83 lakhs new enrollments were done by the Bank for the quarter ended March 31, 2024.
- Pradhan Mantri Jan Dhan Yojana (PMJDY):
Our bank is instrumental in opening 2.95 Crores accounts under PMJDY Scheme with balance of Rs. 10,918 Crores as on 31.03.2024. The corresponding figure was 2.80 Crores account with balance of Rs. 9,046 Crores as on 31.03.2023.
- Atal Pension Yojana (APY):
APY is a pension scheme, primarily targeted at the individuals working in unorganized sector, 2.00 lakh new enrollments were done by Bank for the quarter ended March 31, 2024.
- Union Nari Shakti Scheme for Women Entrepreneurs:
Sanctioned 22,676 Applications for Rs.2,555 crores during 12M FY24
- Credit facility towards Green initiatives: –
1) Renewable Energy Sector: –Sanctioned Rs. 23,059 crores as on 31.03.2024
2) Union Green Miles: –Sanctioned amount Rs. 462 crores as on 31.03.2024