Union Bank of India Q3 advances grow 11.44% YoY to Rs 8.96 lakh crore; stock rises 1.5%

Shares of Union Bank of India jumped nearly 1.5 percent in early trade on January 8, post registering an 11.44 percent growth in Q3 advances on-year basis. At 9:15am, the Union Bank of India stock was trading at Rs 125.12 on NSE.

Union Bank of India, a public sector bank, reported a significant growth of 10.67 percent year-on-year (YoY) in its total business, surpassing Rs 20.68 lakh crore in the December FY24 quarter. The bank’s total advances experienced an 11.44 percent YoY increase, reaching Rs 8.96 lakh crore, while deposits saw a notable 10.09 percent jump to Rs 11.72 lakh crore during Q3FY24.

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In the domestic market, Union Bank of India witnessed an 8.54 percent YoY growth in deposits, totaling Rs 11.54 lakh crore. Concurrently, domestic advances rose by 10.69 percent, reaching Rs 8.66 lakh crore, according to provisional figures.

Union Bank of India stock call: Check brokerage views, target prices

Brokerage firm Motilal Oswal is bullish on the Union Bank of India and has given a ‘buy’ rating to the stock in a recently released report with a target price of Rs 150 per share.

Further, the noteworthy increase in advances and deposits underlines the bank’s effective financial management and its ability to attract and deploy funds efficiently. Union Bank of India’s Q3FY24 performance underscores its significant contribution to the stability and growth of the banking sector in India.

Union Bank of India stock performance

Union Bank of India stock has given a return of 55.12 percent over the last six months. The benchmark Nifty Bank index which has given a return of 7.20 percent over the same duration.

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