Union Financial institution of India This fall revenue grows 19% to ₹3,310.55 crore

Union Financial institution of India (UBoI) reported a 19 per cent year-on-year (yoy) enhance in fourth quarter standalone web revenue at ₹3,310.55 crore, supported by progress in web curiosity revenue (NII) and sharp decline in mortgage loss provisions

The general public sector financial institution had reported a web revenue of ₹2,782 crore within the year-ago quarter.

Its board has really useful a dividend of ₹ 3.60 per fairness share of ₹ 10 every for FY24.

Web curiosity revenue/NII (distinction between curiosity earned and curiosity expended) rose 14 per cent yoy to ₹9,437 crore (₹8,251 crore in Q4FY23).

Whole non-interest revenue, comprising price revenue (mortgage processing costs, miscellaneous price revenue, and so forth), foreign exchange revenue, revenue or loss on sale/revaluation of investments, and so forth, declined 11 per cent to ₹4,707 crore (₹5,269 crore).

Mortgage-loss provisions declined 58 per cent to ₹1,485 crore (₹3,567 crore).

Asset high quality

Asset high quality improved, with gross non-performing property (NPAs) declining to 4.76 per cent of gross advances as at March-end 2024 towards 4.83 per cent as at December-end 2023. NNPAs nudged decrease to 1.03 per cent of web advances from 1.08 per cent.

As on March-end 2024, gross advances elevated by 14.29 per cent yoy to ₹8,70,776 crore. Whole deposits rose 9.28 per cent to ₹12,21,528 crore.