Union Bank of India - Q4FY12 Result First Cut - Microsec Research

Union Bank of India has announced its Q4FY12 along with FY12 result on 9th May 2012.

On the quarterly basis, the bank's total income increased by 10.92% QoQ and 13.59% YoY to INR2631.98 crores mainly, because of 9.33% and 25.78% YoY growth in its Net Interest Income (NII) and other income respectively. Profit After Tax (PAT) increased by 292.48% QoQ and 29.39% YoY to INR773.19 crores mainly, because of 46.83% QoQ decline in Provision and Contingencies to INR517.15 crores. For the whole year of FY12, the bank's total income increased by 11.77% YoY to INR9239.36 crores whereas, Profit After Tax (PAT) down by 15.13% YoY to INR1756.05 crores due to higher provisioning by 88.31% YoY to INR2541.42 crores.

The Bank has reported a growth in advances by 14.52% QoQ and 18.48% YoY to INR178882.08 crores and a growth in deposits by 8.55% QoQ and 10.08% YoY to INR222868.95 crores. On the assets front, the bank has improved its assets quality, NNPA and GNPA stood at 1.70% and 3.01%, decreased by 18 and 32bps sequentially. Moreover, Capital Adequacy Ratio (CAR) stood at 11.85%, which is 2.85% higher than the regulator's stipulated norm of 9%. Provision Coverage Ratio (PCR) stood at 62.22%.

The Board of Directors have recommended a dividend of 80% i.e. Rs.8 per equity share of Rs.10 each for the year ended 31st March 2012.

Source : Equity Bulls

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