Union Bank Q1 Update: Total Business Rises 5%, Domestic Retail Advances Up 26%

Union Bank of India announced on Tuesday that its total business for the quarter ended June rose 5% to Rs 21.09 lakh crore, while it fell 1.8% sequentially.

The total deposits for the quarter under review rose 3.63% to Rs 11.97 lakh crore, while it fell 2.54% sequentially. While domestic deposits for the quarter rose 3.62% to Rs 11.96 lakh crore, domestic CASA deposits were up 0.92% to Rs 3.99 lakh crore.

Global gross advances for the quarter ended June rose 6.83% to Rs 9.12 lakh crore. However, it fell 0.85% sequentially. Similarly domestic advances were up 6.75% to Rs 8.79 lakh crore year-on-year and down 0.83% sequentially.

Domestic RAM advances of the bank grew 10.31% year-on-year and 2.5% sequentially to Rs 4.94 lakh crore. Additionally, domestic retail advances for the quarter rose 25.60% to Rs 1.82 lakh crore.

The business update was shared after market hours. The stock settled 1.26% lower at Rs 150.12 apiece on the NSE, compared to a 0.24% decline in the benchmark Nifty. The shares have risen 12.77% over the past 12 months and 24.82% year-to-date.

Out of 12 analysts tracking the stock, nine have a 'buy' rating, one suggests a 'hold,' and two recommend a 'sell.' The average of 12-month analysts' price target of Rs 152.30 implies a potential upside of 1.4% from its previous closing.