![Seen in the photograph is A. Manimekhalai (C), Managing Director & CEO, Union Bank of India, flanked by Shri Nitesh Ranjan, Shri Ramasubramanian S., Shri Sanjay Rudra & Shri Pankaj Dwivedi Executive Directors Union Bank of India at the press conference held in Mumbai on the occasion of the announcement of Financial Results for the Quarter ended June 30, 2024](http://media.assettype.com/metrovaartha-en%2F2024-07%2Fe8944382-5354-415e-a9a4-828350f53bcc%2FUBI.jpg?w=480&auto=format%2Ccompress&fit=max)
The Board of Directors of Union Bank of India today approved the accounts of the Bank for the Quarter ended June 30, 2024.
Key Highlights in Q1FY25
1. Strong Financial Performance:
Net Profit of the Bank increased by 13.68% on YoY basis during Q1FY25. Net interest income of Bank grew by 6.47% on YoY basis during Q1FY25.
2. Bank continues to demonstrate a strong Liability franchise:
Domestic deposits have increased by 8.52% YoY. Bank now have a total deposits base of Rs.12,24,191Crores as on June 30, 2024.
3. Business Growth gaining momentum:
Total Business of the Bank increased by 9.76% YoY, wherein Gross Advances increased by 11.46% YoY& Total Deposit grew by 8.52% YoY. Bankhas a total Business of Rs.21,36,405Crores as on June 30, 2024.
4. Growth in Retail, Agri and MSME (RAM) segments:
RAM Segment of the Bank increased by 14.53% YoY, where 12.28% growth in Retail, 23.00% growth in Agriculture and 7.21% growth in MSME advances is achieved on YoY basis. RAM advances as a percent of Domestic Advances stood at 57.83%.
5. Reduction in NPA:
Gross NPA (%) reduced by 280 bps on YoY basis to 4.54% and Net NPA (%) reduced by 68 bps on YoY basis to 0.90% as on 30.06.2024.
6. StrongCapital Ratios:
CRAR improved from 15.95% as on 30.06.2023 to 17.02% as on 30.06.2024. CET1 ratio improved to 13.81% as on 30.06.2024from 12.34% as on 30.06.2023.
7. Improved Returns:
Bank’s Return on Assets & Return on Equity stands at1.06% and 15.70% respectively during Q1FY25.
Key Summary of Results
Network:
8,473 Branches including foreign branches
9,342 ATMs
20,646BC points
135 MLPs (MSME Loan Points)
138 RLPs (Retail Loan Points)
54 ALPs (Agriculture Loan Points)
98Union MSME First Branches
1,685 Gold Loan Points
16 LCBs &37 MCBs
6 SAMBs &30 ARBs
Financial Inclusion schemes:
Financial Inclusion schemes launched by GOIwith an aim to eliminate barriers and provide economically priced financial services to the less accessible sections of the society through government-backed schemes like PMJJBY, PMSBY, PMJDY and APY.
Pradhan MantriJeevanJyotiBimaYojana(PMJJBY):
This is a Government- backed insurance scheme; where 1.29lakhs new enrollments were done by the Bank for the quarter ended June 30, 2024.
Pradhan Mantri SurakshaBimaYojana(PMSBY):
This is Government- backed accidental insurance scheme; where 3.57lakhs new enrollments were done by the Bank for the quarter ended June30, 2024.
Pradhan Mantri Jan DhanYojana(PMJDY):
Our bank is instrumental in opening 2.99 Crores accounts under PMJDY Scheme with balance of Rs. 10,669 Crores as on 30.06.2024. The corresponding figure was 2.84 Crores account with balance of Rs. 9,002 Crores as on 30.06.2023.
Atal Pension Yojana (APY):
APY is a pension scheme, primarily targeted at the individuals working in unorganized sector, 1.86lakh new enrollments were done by Bank for the quarter endedJune 30, 2024.
Union Nari Shakti Scheme for Women Entrepreneurs:
Sanctioned 3,652 Applications for Rs.417 crores during Q1 FY25
Credit facility towards Green initiatives: -
1) Renewable Energy Sector: -Sanctioned Rs. 26,853 crores as on 30.06.2024
2) Union Green Miles: -Sanctioned amount Rs. 525 crores as on 30.06.2024