Union Bank of India Q1FY24 Results: Standalone PAT Rises to Rs 3271.65 Cr

Union Bank of India Q1FY24 Results: Standalone PAT Rises to Rs 3271.65 Cr

Union Bank of India Q1 results show revenue rise from 27,763.51 to 27,822.29 crores, a 0.21% increase in growth. EPS also rise from Rs.4.11 to Rs.4.79, up by 16.55%.

First, Let’s Begin with Quarter-on-Quarter Basis:

Union Bank of India shared its Q1 results on Thursday. They earned 27,822.29 crores in revenue this quarter, but that’s more than the 27,763.51 crores they made last quarter. The bank’s growth increased by 0.21 percent when comparing the two quarters.

In terms of profits, Union Bank of India’s PAT (Profit After Tax) for this quarter was 3271.65 crores, up from 2811.78 crores in the previous quarter. Their quarter-to-quarter growth inclined by 16.36 percent.

The Bank’s EPS (Earnings Per Share) this quarter is Rs.4.79, which is an increase of 16.55% from the Rs.4.11 EPS in the previous quarter.

In addition, Bank’s net NPA (Non-Performing Assets) decreased to 1.58% this quarter from 3.31% in the previous quarter, resulting in a 173 basis point decrease in the bank’s net NPA.

Now, Let’s Analyze the Results on a Year-over-Year Basis:

The bank made a total revenue of 27,822.29 crores this year (2023), which is 31.21 percent higher than last year’s total revenue of 21204.45 crores.

This Year’s PAT (Profit After Tax) is 3271.65 crores, which is also 106.66% higher than last year’s PAT of 1583.10 crores.

The EPS (Earnings Per Share) for this year is 4.79 crores, which is 106.47% more than the EPS of 2.32 crores earned last year.

Bank’s gross NPA (Non-Performing Assets) dropped to 7.34% this year from 10.22% in the previous year, resulting in a decrease of 288 basis points in the bank’s gross NPA.

The CAR (capital adequacy ratio) of the bank increased to 15.95 percent this year from 14.42 percent in the previous year.

The ROA (return on assets) of the bank increased to 1 percent in this quarter from 0.53 percent in the previous year.

Also Read: ICICI Securities Q1FY24 Results: Consolidated PAT of Rs. 270.84 Cr

Union Bank of India Share Dividend Announcement / Record Date:

The record date for the dividend has not arrived yet.

About Union Bank of India:

Union Bank of India Limited offers a comprehensive range of banking services, including retail, commercial, and personal banking, investment management, treasury, NRI services, cash management, and various ATM facilities. The bank serves customers across India.

Download the Full PDF of Union Bank of India Q1 Results: Click Here

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