Union Bank of India | UBI’s net profit up 61.8%, declares 30% dividend

Lucknow: The Board of Directors of Union Bank of India has announced the results for the quarter and financial year ended March 31, 2023. The Board of Directors of the Bank has recommended a dividend of 30 per cent or Rs.3.00 per Equity Share in the financial year subject to the approval required. During the financial year 2023, the net profit of the bank has increased by 61.18 percent on a year-on-year basis. During the financial year 2023, the net interest income of the bank has increased by 17.92 percent on a year-on-year basis. Total deposits have grown by 4.47% year-on-year during this period and the total deposit base with the bank as on March 31, 2023 is Rs 11,17,716 crore. The total business of the bank grew by 10.23% YoY, with a growth of 13.05% YoY in Gross Advances and 8.26% YoY growth in total deposits. The total business of the bank is Rs 19,27,621 crore. Also read Union Bank’s loans to Retail, Agriculture & MSME (RAM) sector grew by 14.94% on YoY basis where Retail grew by 17.19% YoY, Agriculture by 14.20% and There has been a growth of 13.06 per cent in MSME advances. For the financial year ended March 31, 2023, the bank’s gross NPAs declined by 358 bps YoY to 7.53 per cent while net NPAs declined by 198 bps YoY to 1.70 per cent. Capital Ratio (CRR) improved to 16.04 per cent as on 31.03.2023 as against 14.52 per cent in the financial year ended March 31, 2022.