Union Bank’s Q4 net rises 93.3% to Rs 2,782 cr on healthy growth in NII

Sequentially, the profit rose from Rs 2,244 crore in Q3FY23.

The board of directors has recommended a dividend of Rs 3.0 per share (Rs 10 each) for FY23, subject to shareholders’ approval, the Mumbai-based lender informed BSE.

Union Bank’s NII, interest revenues minus interest expenses, grew by 21.9 per cent YoY to Rs 8,251 crore in Q4FY23 as against Rs 6,769 crore for Q4FY22. The net interest margin improved to 2.98 per cent in Q4FY23 from 2.75 per cent in Q4FY22.  

Its advances grew by 13.05 per cent YoY basis to Rs 8.09 trillion in FY23. Out of it, RAM advances – Retail, Agriculture and MSME (RAM)- increased at a higher pace of 14.94 per cent to Rs 4.36 trillion at the end of March 2023.

The asset quality profile improved with gross non-performing assets declining to 7.53 per cent in March from 11.11 per cent in the same month in 2022. The net NPAs also declined 1.7 per cent in March 2023 from 3.68 per cent a year ago.