Union Bank of India’s main products/revenue segments include interest and discounts on advances and bills, income from investments, interest on balances with RBI and other inter-bank funds and interest for the year ending 31-Mar-2024.
Financial
For the quarter ended 30-09-2024, the Bank has recorded Rs. 32812.12 crores reported a consolidated total revenue, up from last quarter’s Rs. 31325.47 crores 4.75% higher than the total revenue of Rs.2525.25 crores in the same quarter last year and 13.33% higher than the same quarter last year. . The bank reported a net profit after tax of Rs 4750.93 crore in the latest quarter.
Investment rationale
Union Bank of India reported a mixed quarter, with healthy other income and lower provisions leading to a decline in income. However, margins moderated by 15bp QoQ and slippages were elevated. Deposit growth was flat as the CASA ratio moderated. Loan growth was driven by retail, with a CD ratio of 72.2%. Management has guided for NIM in a range of 2.8-3%; However, punitive charges will continue to impact margins. SMA book has increased due to a large account transferred to SMA in the current quarter.
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Slippages were high due to a large account; However, a healthy recovery and continued decline in restructured assets (1.2%) provide a healthy outlook for asset quality. Motilal Oswal Financial Services, wary of slippage in subsequent quarters, has cut its revenue by 4.7% for FY26 and estimates RoA/RoE of 1.1%/15.4% by FY26. The brokerage reiterates BUY with a target price of INR135 (based on 0.9x FY26E ABV).
Promoter/FII Holdings
As on 30-Sep-2024, promoters held 74.76 per cent stake in the company, while FIIs held 6.89 per cent, DIIs 11.16 per cent.
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