Union Bank Q2 net up 21% on loan growth
Total advances increased 22% year-on-year with a 15% growth in retail, agriculture and MSME segments and a 22% growth in corporate loans led by segments like infrastructure, iron and steel, chemicals and NBFCs. As a result, net interest income (NI...
By ET Bureau | Updated:
Agencies
Union Bank of India’s net profit increased 21% to 1,848 crore in the quarter ended September 2022 from 1,526 crore a year ago, riding on strong loan growth despite a fall in other income.
Total advances increased 22% year-on-year with a 15% growth in retail, agriculture and MSME segments and a 22% growth in corporate loans led by segments like infrastructure, iron and steel, chemicals and NBFCs.
As a result, net interest income (NII) grew 22% to 8,305 crore . CEO A Manimekhalai said the bank continues to maintain a conservative 10% to 12% credit growth target for the current fiscal year despite the strong growth in the second quarter.
Total advances increased 22% year-on-year with a 15% growth in retail, agriculture and MSME segments and a 22% growth in corporate loans led by segments like infrastructure, iron and steel, chemicals and NBFCs.
As a result, net interest income (NII) grew 22% to 8,305 crore . CEO A Manimekhalai said the bank continues to maintain a conservative 10% to 12% credit growth target for the current fiscal year despite the strong growth in the second quarter.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
Related Articles
Union Bank Q2 profit declines by 62% to Rs 208 croreADVERTISEMENT
