MUMBAI, 06 MAY, 2023 (GPN): Union Bank of India has reported a 93.27% rise in standalone net profit for the quarter ended March, amounting to Rs. 2,782 crore compared to Rs. 1,440 crore in the same quarter of the previous year.

The company announced in a regulatory filing that the net interest income (NII) for the quarter reached Rs. 8,251 crore, showing a growth of 21.88%. The Board of directors of Union Bank of India Ltd has recommended a Dividend of Rs.3.00 per Equity Share of Rs. 10 each, i.e., 30% for Financial Year 2022-23. The payment of Dividend is subject to obtaining the necessary statutory approvals and the approval of the shareholders of the Bank at the ensuing 21st Annual General Meeting (AGM) and accordingly the date of AGM, the Book Closure for the purpose AGM and the Dividend for the Financial Year 2022-23 will be announced in due course.

The CASA deposit of the bank, the cheapest source of funds, increased by 4.47% YoY, bringing the total deposits base to Rs. 11,17,716 crores as of March 31, 2023.

Union Bank of India also reported an improvement in asset quality. Gross NPA as a percentage of total advances reduced by 358 bps on a YoY basis to 7.53%, while Net NPA reduced by 198 bps on a YoY basis to 1.70%.

The bank reported that total business increased by 10.23% YoY, with gross advances increasing by 13.05% YoY and total deposits growing by 8.26% YoY. The bank’s total business stands at Rs. 19,27,621 crore as of March 31, 2023.

Shares of Union Bank of India was last trading in BSE at Rs. 76.41 as compared to the previous close of Rs. 77.44. The total number of shares traded during the day was 1116537 in over 3948 trades.