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Seen in the photograph is Shri Rajkiran Rai G, Managing Director & CEO,Union Bank Of India,flanked by  Shri V.K Kathuria, Shri R.K.Verma & Shri A.K.Goel Executive Directors, Union Bank Of India at  the press conference held in Mumbai on the occasion of  announcement of Q-1 Financial Results for the quarter ended June 30, 2017 - Photo By Sachin Murdeshwar GPN NETWORKSeen in the photograph is Shri Rajkiran Rai G, Managing Director & CEO,Union Bank Of India,flanked by Shri V.K Kathuria, Shri R.K.Verma & Shri A.K.Goel Executive Directors, Union Bank Of India at the press conference held in Mumbai on the occasion of announcement of Q-1 Financial Results for the quarter ended June 30, 2017 - Photo By Sachin Murdeshwar GPN NETWORK

MUMBAI, 10 August, 2017 (GPN) : The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Quarter ended June 30, 2017.

Key Highlights :

CASA 25.1 per cent YoY Non Interest Income ` ` 1414 crore (up 36 per cent YoY)
Savings Deposit 27.6 per cent YoY Operating Profit ` ` 2057 crore (up 26.5 per cent YoY)
CASA Share 35.5 per cent Net Profit ` 117 crore (up 7.3 per cent QoQ)
RAM* Sector 14.8 per cent YoY CRAR 12.01 per cent
RAM* Share 55.4 per cent Tier I 9.24 per cent
 The growth in Deposits was driven by Savings Deposits, which grew by 27.6 per cent on YoY basis.
 Cost to income ratio improved to 43.79 per cent against 48.28 per cent on YoY basis.
 Capital Adequacy Ratio (Basel III) improved to 12.01 per cent compared to 10.75 per cent a year ago.
* (Retail, Agriculture & MSME share in domestic advances)

Global Business grew by 10.5 per cent to `670971 crore as on June 30, 2017 from
`607280 crore as on June 30, 2016. Domestic business grew by 10.0 per cent to `635233 crore as on June 30, 2017 from `577473 crore as on June 30, 2016.
Total deposit of the bank grew from `338727 crore as on June 30, 2016 to `375796 crore as on June 30, 2017 showing growth of 10.9 per cent.

CASA deposits grew by 25.1 per cent to `133412 crore as on June 30, 2017 from `106604 crore as on June 30, 2016.
CASA share in total deposits improved to 35.5 per cent as on June 30, 2017 compared to 31.5 per cent as on June 30, 2016. Average CASA ratio also increased by 430 basis points(bps) to 33.5 per cent on YoY basis.

Savings Deposit registered YoY growth of 27.6 per cent.

A total of 8.70 lakh CASA accounts were opened during April-June 2017, out of which 8.38 lakh were Savings Bank Accounts (excl. BSBDA/BSBDS accounts).
The Bank’s Global Advances grew by 9.9 per cent (YoY) to `295175 crore as on June 30, 2017 from `268553 crore as on June 30, 2016.

Due to encouraging growth of 14.8 per cent in RAM (Retail, Agriculture & MSME) sector, Domestic Advances increased by 9.4 per cent from `242935 crore as on June 30, 2016 to `265683 crore as on June 30, 2017.

Financial Performance for the quarter ended June 2017
Domestic Net Interest Margin (NIM) stood at 2.20 per cent for April -June 2017 as against 2.36 per cent for April -June 2016. Global NIM for April -June 2017 stood at 2.06 per cent as against 2.27 per cent for January-March 2017 quarter. It was 2.28 per cent a year ago.

Yield on funds stood at 6.94 per cent for April -June 2017 as against 7.94 per cent for April-June 2016 and 7.35 per cent for January-March 2017.

Cost of funds stood at 5.03 per cent for April -June 2017 as against 5.82 per cent for April-June 2016 and 5.24 per cent for January-March 2017.

Net Interest Income for April-June 2017 increased by 6.7 per cent to `2243 crore from `2103 crore for April-June 2016. It was `2387 crore during January-March 2017.

Non Interest Income for April-June 2017 stood at `1414 crore, showing increase of 36.0 per cent over April-June 2016.
Operating profit increased by 26.5 per cent to `2057 crore during April-June 2017 over `1626 crore during April-June 2016 and was `2134 crore during January-March 2017.

Net Profit for April-June 2017 sequentially increased to `117 crore from `109 crore in January-March 2017.
Cost to income ratio improved to 43.79 per cent for April -June 2017 from 48.28 per cent for April-June 2016 and it was 44.32 per cent for January-March 2017.
Return on average assets (annualised) stood at 0.10 per cent for April-June 2017 as against 0.17 per cent for April-June 2016 and 0.10 per cent for January-March 2017.
Return on equity (annualised) stood at 2.46 per cent in April -June 2017 as against 3.36 per cent for April -June 2016 and 2.27 per cent for January-March 2017.
Earnings per share (annualised) stood at `6.78 in April -June 2017 as against `9.69 for April -June 2016 and `6.33 for January-March 2017.

Asset Quality
Gross NPA stood at 12.63 per cent as on June 30, 2017 as against 11.17 per cent as on March 31, 2017 and 10.16 per cent as on June 30, 2016.
Net NPA ratio stood at 7.47 per cent as on June 30, 2017 as against 6.57 per cent as on March 31, 2017 and 6.16 per cent as on June 30, 2016.
Provision Coverage Ratio stood at 51.13 per cent as on June 30, 2017 as against 51.41 per cent as on March 31, 2017. It was 49.99 per cent as on June 30, 2016.

Capital Adequacy
Capital Adequacy ratio of the Bank under Basel III improved to 12.01 per cent as on June 30, 2017 as against 11.79 per cent as on March 31, 2017 and 10.75 per cent as on June 30, 2016 compared to minimum regulatory requirement of 10.25 per cent.
The Tier I ratio as of June 30, 2017 is 9.24 per cent, within which Common Equity Tier 1 ratio is 7.73 per cent compared to regulatory minimum of 6.75 per cent.

Digital Initiatives
The Bank has been pioneer in taking various digital initiatives and continuously launched various digital products for enhancing the customer services.

Following are some of the key achievements during the quarter:
66 per cent growth in mobile banking users on YoY basis.
U-Mobile transaction volume doubled from June 2016.
90 per cent growth in number of PoS terminals on YoY basis.
7th largest presence in banking industry and 3rd largest presence amongst all PSU banks within short span of time in Social media.
Trendsetter on Social media channels by taking various initiatives like Live streaming,
Digital Education Series – #KyaAapJanteHai etc.
67 per cent share of “transactions through digital channels” in “overall transactions”.
Financial Inclusion:
Under the Pradhan Manrti Jan Dhan Yojana (PMJDY), the the Bank has more than 69
lakh accounts having a balance of `1270 crore.
48.91 lakh Rupay Card issued under PMJDY as on June 30, 2017.

Total enrollment under Pradhan Mantri Suraksha Bima Yojana (PMSBY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Atal Pension Yojana (APJ) increased to 30.1lakh, 12.8 lakh and 2.21 lakh respectively.
The Bank financed `696 crore in 33433 accounts under Pradhan Mantri Mudra Yojana, including an amount of `211 crore to 7964 beneficiaries through a specific scheme for financing of light commercial vehicle during April–June 2017.

The Bank has 4286 branches as of June 30, 2017 including 4 overseas branches at Hong Kong, DIFC (Dubai), Antwerp (Belgium) and Sydney (Australia). In addition, the Bank has representative offices at Shanghai, Beijing and Abu Dhabi. The Bank also operates in
United Kingdom through its wholly owned subsidiary, Union Bank of India (UK) Ltd.
Total number of ATMs stood at 7574 including 1685 talking ATMs as of June 30, 2017.
ATM to branch ratio stood at 1.77.
Awards & Accolades during FY 2017-18 (April-June)
Skoch Award
Skoch Order of merit Award – Operational Customer Relationship Management (OCRM)
Skoch Financial Technology Award – Unified Payment Interface(UPI)
Skoch Financial Technology Award – Green PIN solution for Debit cards
Skoch Financial Technology Award – Union Digi Gaon Skoch Financial Inclusion Award for Financial Inclusion

About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.


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