'Union Bank of India conducted a conference call on 28 January 2025 to discuss its financial results for the quarter ended December 2024. A Manimekhalai, MD&CEO of the bank addressed the call:
Highlights:
The bank has recorded a
strong 28% increase in net profit to Rs 4704 crore in Q3 and 26% jump to Rs
13002 crore in 9MFY2025. The bank has recorded a healthy ROA of 1.3% and a
strong RoE of 17.75% for Q3FY2025.
The moderation in the
business growth has been mainly on account of strategy to reduce high cost bulk
deposits. The bank has shed more than Rs 30000 crore of bulk deposits to
improve cost of deposits
The bank has continued to
improve asset quality with further reduction in GNPA ratio to 3.85% a decline
of 98 bps yoy. The NNPA ratio has also declined by 26 bps over a year ago to
0.82% end December 2024.
The bank has exhibited an
improvement in the provision coverage ratio to 93.4% end December 2024.
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