Union Bank of India reports Q4 profit of Rs1,330cr; Stock gains 2%

Net Profit for FY21 stood at Rs2906cr against a net loss of Rs6613cr for FY20. Net interest income of Bank grew by 4.37% yoy during FY21 to Rs24,688cr.

Jun 08, 2021 09:06 IST India Infoline News Service

Quarterly Results
Union Bank of India reported strong financial performance on Monday in the financial results for the quarter ended March 31 and year ended March 2021. Operating Profit of the Bank improved by 40.38 % during Q4FY21 as compared to Q4FY20 and 6.54% on yoy basis during FY21.

The company reported profit at Rs1,330cr in Q4FY21 against a loss at Rs7157cr in Q4FY20. The company’s net interest income in Q4FY21 declined 9.46% yoy to Rs5,403cr from Rs5,967cr in Q4FY20.

Net Profit for FY21 stood at Rs2906cr against a net loss of Rs6613cr for FY20. Net interest income of Bank grew by 4.37% yoy during FY21 to Rs24,688cr from Rs23,654cr in FY20.

The Bank said that CASA deposits have increased by 13.15% yoy. Total deposits base stood at Rs9,23,805cr as at the end of Q4FY21. CASA ratio improved to 36.33% from 34.15% a year ago.

Credit in Retail, Agri and MSME (RAM) segments grown by 8.40% yoy. Bank registered 10.49% growth in Retail, 11.89% growth in Agriculture, 3.24% growth in MSME advances. Average advances has grown by 3.11% yoy. Domestic Advance including CP & Corporate Bonds has grown by 1.13% yoy.

It also said, Slippages during FY21 have reduced by 30.63% as compare to FY20 (from Rs25147cr during FY20 to Rs17443cr during FY21). Net NPA of Q4FY21 stood at 4.62%.

Provision coverage ratio of the Bank improved to 81.27% as on March 31, 2021. Provision coverage ratio of the Bank improved to 81.27% as on March 31, 2021 as against 78.21% as on March 31, 2020.

Union Bank of India opened on a bullish note and was trading at Rs36.30 per piece up Rs0.70 or 1.97% on the BSE.

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