In-line earnings; loan growth surges

23 Jan 2024
5 Min read 
  • Union Bank of India reported a 60% YoY growth in PAT, driven by controlled provisions and healthy other income.
  •  NII grew 6% YoY, but missed expectations, as NIMs moderated to 3.08%.
  •  Loan book grew strongly by 14% YoY, led by growth in the Corporate and Agri segments.
  •  Asset quality improved, with GNPA/NNPA ratios declining to 4.8%/1.1%.
  •  The bank expects to sustain margins at around 3% and aims for advances growth of 10-12%.
  •  Retain BUY rating with a revised TP of INR165.
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