New Delhi: Union Bank of India has reported a 61.18 per cent rise in its net profit at Rs 1,440 crore for the quarter ended March 31, 2023, over the corresponding period of previous year. In the quarter under review, the bank posted strong year-on-year growth in advances and deposits, while gross non-performing assets (NPAs) witnessed a sharp decline.
The interest margin further expanded annually. Net interest income (NII) – the difference between interest earned and spent – stood at Rs 8,251 crore, up 17.92 per cent from NII of Rs 6,769 crore in the year-ago period, according to a statement shared with the exchanges. Came, but fell short of it. 8,628 crore in Q3 of FY23, up 4.38 per cent from Rs.
Net interest margin (NIM) for the quarter under review was 2.98 per cent, up 13 bps from 2.75 per cent in the March quarter, but down 23 bps from 3.21 per cent in the third quarter. In the quarter under review, the bank reported 13.05 per cent year-on-year and 0.73 per cent Q-o-Q growth in global advances to Rs 8,09,905 crore, while deposits grew by 8.26 per cent to Rs 11,17,716 crore. year-on-year and 4.95 per cent quarter-on-quarter.
The bank’s credit to Retail, Agri and MSME (RAM) segment grew by 14.94 per cent year-on-year, with 17.19 per cent growth in retail, 14.20 per cent growth in agriculture and 13.06 per cent growth in MSME advances. on a year-to-year basis. RAM advances as a percentage of domestic advances stood at 55.61 per cent