This mid-size PSU bank reports a stellar rise of 81 per cent in Q4 net profit!

As the season of financial results is on the bank has reported results.

Results for the fourth quarter and the year ended March 31, 2023, were released by Union Bank of India on May 6, 2023. 

In comparison to the same quarter last year, the bank's net profit for the fourth quarter that ended on March 31, 2023, increased by 80.58 per cent to Rs 2811.78 crore from Rs 1557.09 crore on a consolidated basis. When compared to the same quarter last year, the bank's total revenue climbed by 43.45 per cent, or Rs 27,763.51 crore from Rs 19,353.85 crore. 

On a consolidated basis, the bank recorded a 61.66 per cent increase in net profit for the year ended March 31, 2023, from Rs 5,265.32 crore to Rs 8,511.67 crore. When compared to the year ended March 31, 2022, the bank's total revenue climbed by 18.74 per cent reaching Rs 97,078.53 crore from Rs 81,754.07 crore and the year under the review. 

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In the last trading session, it closed at Rs 74.61 and today scrip opened at Rs 77.49 and currently, it is trading at Rs 75.60. So far 8,77,381 shares were traded over the counter at BSE. The company has a face value of Rs 10 and it has a 52-week high and low of Rs 96.40 and Rs 33.55, respectively. 

On April 26, 2023, the bank got the nod to raise Rs 10,100 crore from a different medium. 

Union Bank of India is one of the largest government-owned banks in India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances and Collections. 

The promoters holding in the company stood at 83.49 per cent, while Institutions and Non-Institutions held 9.95 per cent and 6.56 per cent, respectively.