Union Bank of India has reported strong growth in its Q2 update for the financial year 2024. The bank’s total business crossed ₹21.70 trillion as of September 30, 2024, marking a 9.36% year-on-year (YoY) growth.
Key Financial Highlights:
- Total Business (Global): The bank’s total global business grew to ₹21.70 trillion, a 9.36% increase YoY, and a quarter-on-quarter (QoQ) growth of 1.61%.
- Total Deposits (Global): Total deposits reached ₹12.42 trillion, up by 9.17% YoY. The domestic deposits stood at ₹12.11 trillion, recording an 8.12% YoY growth.
- CASA Deposits (Domestic): Domestic Current Account Savings Account (CASA) deposits stood at ₹3.96 trillion, showing a slight dip of 0.81% QoQ but a YoY increase of 2.06%.
- Total Advances (Global): The global gross advances increased to ₹9.28 trillion, growing by 9.63% YoY. The domestic advances grew to ₹8.94 trillion, an 8.88% rise YoY.
- RAM Advances (Domestic): The bank’s domestic Retail, Agriculture, and MSME (RAM) advances crossed ₹5.25 trillion, growing by 12.30% YoY and 3.33% QoQ.
These provisional figures are being released ahead of the formal announcement of the financial results for the quarter and half-year ending September 30, 2024. The results are subject to review by the Statutory Central Auditors and other necessary approvals.
TOPICS:
Union Bank of India