The State-owned Union Bank of India reported a 107.67% Year-on-Year jump in net profit to Rs 3,236.4 crore for the quarter under review against the Rs 1,558 crore in the year-ago period.

Total revenue for the Q1 of the current fiscal year increased by 30.44% to Rs 27,381 crore from Rs 20,991 crore in the previous fiscal year.

The Net Interest Income (NII) increased by 16.6% to Rs 8,839.7 crore YoY. NII is the difference between the interest income the bank earns from its lending activity and the interest it pays the depositors.

The Current Account Savings Account (CASA) stands at 7.34% in the quarter under review, against 7.53% in the previous quarter.

The Gross Non-Performing Assets (GNPA) stood at 7.34% for Q1 against 7.53% in Q3FY23.

The Union Bank has a total business of Rs 19,46,509 crore as of 30 June 2023. The credit in the retail segment increased by 16.47%, a 13.37% increase in agriculture, and MSME increased by 14.88% on a YoY basis.

Capital to Risk Assets Ratio (CRAR) improved from 14.42% in Q1FY23 to 15.95% for the quarter under review. The common Equity Tier 1 (CET1) ratio improved to 12.34% from 10.68% YoY.

Due to the reduction in cost-to-income and credit-cost ratios, the bank’s return on assets improved to 1%, and the return on equity grew by 18.97%.