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.