Union Bank of India announces Q2FY21 results

The Board of Directors of Union Bank of India today approved the accounts of the Bank for the half year and quarter ended September 30, 2020.

Business Performance:

- Global Business grew by 3.1 per cent Y-o-Y to Rs.15,37,160 crore as on September 30, 2020.

- Total Global Deposits grew by 4.0 per cent Y-o-Y to Rs. 8,86,098 crore as on September 30, 2020.

- CASA Deposits grew by 12.4 per cent Y-o-Y to Rs. 3,06,665 crore as on September 30, 2020.

- Global Gross Advances grew by 1.9 per cent Y-o-Y to Rs. 6,51,062 crore as on September 30, 2020.

- Retail Advances grew by 7.8 per cent Y-o-Y to Rs. 1,17,231 crore as on September 30, 2020.

- RAM (Retail, Agri , MSME) share in total advances increased by 161 bps Y-o-Y to 55.7 per cent as on September 30, 2020.

Operating Performance during H1 FY-21:

- Net Interest Income during H1 FY-21 increased by 11.4 per cent to Rs.12,696 crore as compared to Rs.11,402 crore in H1 FY-20.

- Other Income stood at Rs.3,770 crore during H1 FY-21.

- Operating profit during H1 FY-21 increased by 2.4 per cent to Rs.8,769 crore as compared to Rs.8,560 crore in H1 FY-20.

- Net profit stood at Rs.849 crore during H1 FY-21 as compared to net loss of Rs.615 crore during H1 FY-20.

- Global Net Interest Margin (NIM) stood at 2.51 per cent where as Domestic NIM stood at 2.56 per cent in H1 FY-21.

- Yield on advances stood at 7.66 per cent for H1 FY-21.

- Cost of Deposit improved to 4.92 per cent in H1 FY-21 as against 5.65 per cent in H1 FY-20.

Operating Performance during Q2 FY-21:

- Net Interest Income during Q2 FY-21 increased by 6.1 per cent to Rs.6,293 crore as compared to Rs.5,934 crore in Q2 FY-20.

- Other Income stood at Rs.2,308 crore during Q2 FY-21.

- Operating profit during Q2 FY-21 increased by 2.0 per cent to Rs.4,735 crore as compared to Rs.4,643 crore in Q2 FY-20.

- Net profit increased by 55.3 per cent to Rs.517 crore during Q2 FY-21 as compared to Rs.333 crore during Q1 FY-21.

- Global Net Interest Margin (NIM) stood at 2.51 per cent where as Domestic NIM stood at 2.56 per cent in Q1 FY-21.

- Yield on advances stood at 7.45 per cent for Q2 FY-21.

- Cost of Deposit improved to 4.82 per cent in Q2 FY-21 as against 5.70 per cent in Q2 FY-20.

Asset Quality:

- GNPA ratio improved to 14.71 per cent as on September 30, 2020 compared to 15.75 per cent as on September 30, 2019.

- Net NPA ratio improved to 4.13 per cent as on September 30, 2020 compared to 6.40 per cent as on September 30, 2019.

- Provision Coverage Ratio (PCR) improved to 83.16 per cent as on September 30, 2020 compared to 74.26 per cent as on September 30, 2019.

Capital Adequacy:

Tier-I and CET-1 capital ratio stood at 10.05 per cent and 8.91 per cent respectively as on September 30, 2020.

- CRAR under BASEL III stood at 12.38 per cent as on September 30, 2020 as compared to minimum regulatory requirement of 10.875 per cent.

Network:

- 9590 Branches
- 13287 ATMs
- 8230 BC points
- 90 SARAL/SARAL Lite (MSME Loan Processing Centres)
- 121 ULPs (Retail Loan Processing Centres)

Shares of UNION BANK OF INDIA was last trading in BSE at Rs.24.5 as compared to the previous close of Rs. 24.15. The total number of shares traded during the day was 484416 in over 1224 trades.

The stock hit an intraday high of Rs. 24.65 and intraday low of 24.2. The net turnover during the day was Rs. 11854592.

Source : Equity Bulls

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