Union Bank of India Financial Results for the quarter and half year ended September 30, 2015

The Board of Directors of Union Bank of India, today, approved the accounts of the Bank for the quarter and half year ended September 30, 2015.

                                                           Key Highlights

•  Global Business up 7.4% (y-o-y) to Rs. 584687 crore as on September 30, 2015

• Savings deposit grew at 8.9% while share of high cost deposits declined to 2.2% (Sept 2015) from 10.1% (Sept 2014).

•  Advances to productive sectors of economy, i.e. retail, agriculture, and MSMEs, which we together call as ‘RAM’ sectors, grew by 10.2%. RAM sectors now contribute more than 51% of domestic loan book

• Non-interest Income for the quarter (Q2/FY16) up 18.2% compared to a year ago.

• Operating expenses growth during Q2/FY16 contained at 0.6%

• Net Profit for Q2/ FY16 increased to Rs. 658 crore from Rs. 371 crore in Q2/FY15.

• Return on average assets for Q2/FY16 increased to 0.68%, up by 13 bps over 0.55% in Q1/FY16. 

• Return on Equity for Q2/FY16 also increased to 12.80% from 11.02% in Q1/FY16.

• Capital Adequacy Ratio (Basel III) stood at 10.26%(excluding quarterly/half yearly profit). Tier I CRAR is 7.67%, within which CET1 is 7.42%.