Union Bank of India posts 7% profit to ₹5,316cr
Union Bank of India just posted a 7% jump in net profit for the last quarter, reaching ₹5,316 crore.
This boost mostly came from cutting costs and setting aside less money for bad loans.
The bank is also sharing the good vibes with a proposed ₹5 dividend per share for FY26.
For the whole year, profits were up 4% compared to last year.
Union Bank trims bulk deposits ₹22,904cr
While net interest income dipped slightly and other income dropped by 3%, Union Bank saw its deposits grow by 3% and loans jump by 10%.
The bank trimmed down its bulk term deposits by ₹22,904 crore, shifting focus to more stable savings (CASA now makes up over 35% of domestic deposits).
Plus, it set aside ₹700 crore as a one-time other standard asset provision considering the likely impact of the West Asia war on MSME loans.
On the bright side, bad loan ratios improved and more stable outlook ahead.