Union Bank of India Q3 Results Review - Inline Earnings; Loan Growth Surges: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Union Bank of India reported a healthy 60% YoY growth in profit after tax at Rs 35.9 billion (in line), driven by controlled provisions, healthy other income, and lower opex. Net interest income grew 6% YoY to Rs 91.7 billion (3% miss) as net interest margins moderated 10 bp to 3.08%.Loan book grew strongly by 14% YoY/7.3% QoQ, led by robust growth in the corporate and agri segments. Deposits grew 10% YoY/3% QoQ. The credit-deposit ratio, thus, increased to 73.5% (up 2.9% QoQ). Union Bank of India's asset quality ratios improved notably, with gross non-performing asset/net non-performing asset ratios declining by 155 bp/22 bp YoY to 4.8% /1.1%. Restructured book declined to 1.6%. We maintain our FY24/FY25 earnings estimates and expect return on asset/return on equity of 1.1%/17.6% by FY25. Retain 'Buy' with a revised target price of Rs 165..Click on the attachment to read the full report:.Union Bank Of India Q3 Results: Profit Rises 60% At Rs 3,590 Crore.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Union Bank of India Q3 Results Review - Inline Earnings; Loan Growth Surges: Motilal Oswal

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