Union Bank of India Reports Robust Growth in Q3FY25

 

Mumbai: Union Bank of India’s Board of Directors announced its Q3FY25 results, reflecting strong growth in key financial metrics for the period ending December 31, 2024.

Key Highlights for Q3FY25:

• Net Profit surged by 28.24% YoY, reflecting a solid financial performance.
• Non-interest income grew by 17.02% YoY, underlining the bank’s diversified revenue streams.
• Global deposits increased by 3.76% YoY, totaling Rs. 12,16,562 Crores.
• Total business rose by 4.70% YoY, with Gross Advances growing by 5.94% YoY.
• The RAM (Retail, Agri, MSME) segments showed a growth of 9.26% YoY, including 16.36% growth in Retail, 4.34% in Agriculture, and 6.34% in MSME.

Asset Quality Improvement:
Gross NPA ratio improved by 98 bps YoY to 3.85%, and Net NPA improved by 26 bps YoY to 0.82%.

Capital Strength:

• CRAR improved to 16.72% from 15.03%.
• CET1 ratio strengthened to 13.59% from 11.71%.
• Return on Assets (ROA) improved by 23 bps to 1.30%, and Return on Equity (ROE) improved by 50 bps to 17.75%.

Financial Inclusion Initiatives:
Union Bank has made significant strides under Government of India financial inclusion schemes:

• PMJJBY (Life Insurance): 4.40 lakh new enrollments.
• PMSBY (Accident Insurance): 15.99 lakh new enrollments.
• PMJDY (Jan Dhan Accounts): 3.14 Crore accounts, with a balance of Rs. 11,637 Crores.
• APY (Pension Scheme): 1.66 lakh new enrollments.
• Support for women entrepreneurs: 4,242 applications sanctioned for Rs. 598 Crores.

Green Initiatives:

• Renewable Energy Sector: Rs. 27,269 Crores sanctioned.
• Union Green Miles: Rs. 645 Crores sanctioned.

Union Bank’s Q3FY25 performance showcases its continued focus on growth, innovation, and social responsibility.