Union Bank of India's board of directors has approved raising foreign currency funds of up to $2 billion, which roughly equates to Rs 19,145.93 crore. The bank informed through an exchange filing on Thursday that it will be raising funds via issuance of Debt Instruments at Banks's Dubai and/or Sydney Branches. In May, Union Bank had approved a fundraise of up to Rs 8,000 crore through a mix of equity and debt instruments, as the lender sought to strengthen its capital base and support future business growth.Union Bank Q1 FY27Union Bank of India reported a strong set of numbers in the first quarter of financial year 2027 (Q1FY27), on July 15, 2026. The state-owned lender reported a profit of Rs 5,332 crore, up 29.6% YoY, from Rs 4,116 crore in the same quarter a year ago.The bank's net interest income (NII) soared 10% YoY to Rs 10,037 crore in the June quarter of FY27, from Rs 9,113 crore in the June quarter of FY26.Operating profit climbed 15.8% annually to Rs 8,003 crore in Q1FY27, from Rs 6,909 crore in the same quarter a year ago. On the asset quality front, gross non performing assets (NPA) improved to 2.65%, from 2.82% in the previous quarter (Q4FY26). Net NPA stood at 0.47% in Q1FY27, as against 0.48% in Q4FY26.Union Bank of India's provisions came in at Rs 979 crore in Q1FY27, from Rs 1,665 crore in the same quarter a year ago (Q1FY26).Union Bank Share PriceShares of Union Bank ended 0.40% lower at Rs 170.40 apiece on the NSE. This compared to a 0.28% advance in the benchmark Nifty index on Thursday. The scrip has risen 10.82% year-to-date, and 30.32% in the last 12 months.