Union Bank of India - Q4FY13 Result First-Cut - Microsec

Union Bank of India announced its Q4FY13 and FY13 result.

The Bank's total income increased by 12.80% QoQ and 8.47% YoY to INR2854.95 crores, driven by 4.65% and 36.89% QoQ growth in its Net Interest Income (NII) and Other Income (OI) respectively. Whereas, Profit After Tax (PAT) increased by 161.04% QoQ and 2.09% YoY to INR789.38 crores. Bank has decreased its provision by 23.54% QoQ to INR655.53 crores, which lead to improve its bottom line.

During the quarter, Bank's loan book and total deposits expanded by 16.99% and 18.35% YoY to INR208102.19 and INR263761.57 crores respectively. On the asset quality front, Bank has improved its asset quality. GNPA and NNPA improved by 38 and 9bps QoQ and 3 and 9bps YoY to 2.98% and 1.61% respectively. However, Bank's low cost deposit base (CASA) has declined by 30bps QoQ and 33bps YoY to 30.95% which has dragged its Net Interest Margin (NIM) by 6bps QoQ and 27bps YoY to 2.89%. Capital Adequacy Ratio (CAR) stood at 11.45%, which is 2.45% more than the regulator's stipulated norm. Provision Coverage Ratio (PCR) stood at 65.21%, which positioned the Bank to tame any time liabilities.

The Board of Directors have recommended a dividend of 80% (INR8) per equity share of INR10 each.

Source : Equity Bulls

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