look news india
New Delhi, May 11 (Hindustan Reporter) Union Bank of India has announced the results for the fourth quarter of the financial year 2023-24. The bank's consolidated net profit increased by 18.36 per cent to Rs 3,328 crore for the fourth quarter ending March 31, 2024.
The bank said in a statement on Saturday that the consolidated net profit of the bank increased by 18.36 per cent to Rs 3,328 crore for the fourth quarter ending March 31, 2024. During this period, the bank's standalone net profit increased to Rs 3,311 crore, which was Rs 2,782 crore in the same period of the previous financial year. Its profits have increased due to less provision for bad loans.
The bank's core net interest income grew 14.38 per cent to Rs 9,437 crore during the January-March quarter, driven by 11.7 per cent growth in advances. Net interest margin increased to 3.10 per cent, which was 2.97 per cent in the same period of the previous financial year 2022-23. Apart from this, the cumulative net profit of the bank for the financial year 2023-24 stood at Rs 13,797 crore, which was Rs 8,512 crore in the previous financial year.
Managing Director and Chief Executive Officer of the bank A. Manimekhalai said that the bank expects loan growth to be 11-13 percent and deposit growth to be 9-11 percent during the current financial year 2024-25. Apart from this, the bank's total provision for bad loans declined from Rs 4,041 crore to Rs 3,222 crore on an annual basis.