Government-owned Union Bank of India recorded strong Q3 earnings with profitability more than doubling year-on-year. The bank garnered a robust growth of 106.81% in net profit to \u20b92,245 crore in Q3FY23 compared to a profit of \u20b91,085 crore. The PAT climbed by 21.48% from \u20b91,848 crore in June 2022 quarter. Union Bank’s deposits and advances gained momentum in Q3 with double-digit growth YoY. Also, asset quality improved significantly in the quarter.<\/p>\n\n\n\n
Net interest income (NII), which is the difference between interest earned and interest expended, came in at \u20b98,628 crore in Q3FY23, increasing by 20.26% from \u20b97,174 crore in the Q3 of the previous fiscal. The lender’s NII was at \u20b98,305 crore in the preceding quarter.<\/p>\n\n\n\n
In Q3FY23, Union Bank’s gross NPA dropped sharply by 369 bps YoY and 52 bps QoQ to 7.93%. The gross NPA was at 11.67 % in Q3FY22 and 8.45% in Q2FY23. Net NPA, meanwhile, plunged by 195 bps YoY and 50 bps QoQ to 2.14%. The provision coverage ratio (PCR) stood at 88.50% in Q3 of FY23.<\/p>\n","protected":false},"excerpt":{"rendered":"
Government-owned Union Bank of India recorded strong Q3 earnings with profitability more than doubling year-on-year. The bank garnered a robust growth of 106.81% in net profit to \u20b92,245 crore in Q3FY23 compared to a profit of \u20b91,085 crore. The PAT climbed by 21.48% from \u20b91,848 crore in June 2022 quarter. Union Bank’s deposits and advances […]<\/p>\n","protected":false},"author":1863,"featured_media":49407,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[105,392,1],"tags":[10389,8200,10560],"class_list":["post-138869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-infographics","category-earnings","category-finance-stocks","tag-corporate-loan","tag-retail-banking","tag-treasury"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/Trending-stocks.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":138864,"url":"https:\/\/alphastreet.com\/india\/union-bank-q3fy23-results-out-net-profit-soared-by-107\/","url_meta":{"origin":138869,"position":0},"title":"Union Bank Q3FY23 results out; Net profit soared by 107%","author":"Chirag Gupta","date":"January 20, 2023","format":false,"excerpt":"Union Bank of India reported more than double year-on-year growth in its net profit for the quarter that ended December 31, 2022, to INR 2,234 crore. 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