The stake of Union Bank of India (UBI) surged 7.32% to Rs 72.55 after the allotted Basel III Compliant Additional Tier (AT) 1 Bond on December 23, aggregating to Rs 663 crore.

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The bank has allotted non-convertible, unsecured, perpetual, subordinated, fully paid-up Basel III Compliant Additional Tier 1 Bonds, taxable like debentures eligible for inclusion in Tier 1 capital (bonds) series aggregating to Rs 663 crore on December 23, 2022.

The public sector bank has to engage in corporate, treasury, retail, wholesale, and other operations.

The bank’s total income rose by 11% to Rs 22,957.95 crore, and the net profit jumped 21.1% to Rs 1,847.70 crore in Q2 FY23 over Q2 FY22.