Union Bank of India532477Banking
Union Bank of India reported Q2 profit up 30%, the highest growth among banks, helped by 18.5% advances growth and a 20 basis point rise in NIMs, though deposit growth lagged below 7%
By ScoutQuest · · 1 min read
- Profit growth YoY
- 30 percent
- Advances growth
- 18.5 percent
- NIM rise YoY
- 20 basis points
- NIM rise QoQ
- 6 basis points
- Deposit growth
- less than 7 percent
Heard on business television between 10:24:34 - 10:27:34 IST.
- Profit up 30% year-on-year, highest among banking sector so far.
- Advances rose 18.5%; NIMs rose 20 basis points year-on-year and 6 basis points quarter-on-quarter.
- Deposits grew less than 7%, flagged as a worry; CD ratio at 84 called a 'caution area'.
- CEO Ashish Pandey said SMA book (SMA 0 to SMA 2 combined) is at its lowest in five years post-amalgamation; SMA 2 rose from Rs 1,157 crore to Rs 1,338 crore due to one account.
- Recoveries exceeded slippages: slippages around Rs 1,909 crore versus recoveries of more than Rs 3,500 crore; slippages declined from Rs 809 crore a year ago to Rs 627 crore.
- Agri loan slippage at 6.86%, attributed partly to Maharashtra debt waiver scheme adjustment and El Niño effect, with no stress signal seen yet.
- Insurance commission income is 7.5-8% of fee income; core fee income rose almost 23%; expected impact from falling insurance commissions limited to Rs 100-110 crore.
- Bank raised about Rs 28,000-30,000 crore via MTN program, bilateral borrowings and repo; LCR at 120% average for the quarter.
- Guidance given: for every 25 basis point rate hike, NIMs/margins expected to rise by 5 to 7 basis points.
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