The Board of Directors of Union Bank of India today approved the accounts of the Bank for the quarter ended June 30, 2015.

Global Business up 8.6% (y-o-y) to Rs. 582817 crore as on June 30, 2015

Savings deposit grew at 10.6% (y-o-y) while share of high cost deposits declined to 5.4% (Jun 2015) from 13.5% (Jun 2014)

Advances to productive sectors of economy, i.e. Retail, Agriculture, and MSMEs, which we together call as ‘RAM’ sectors, grew by 16.6% (y-o-y), now contributing nearly half of domestic loan book

Non-interest Income for the quarter (Q1/FY16) up 13.3% (y-o-y) to Rs. 783 crore driven by 24.4% (y-o-y) growth in core fee income.

Operating expenses sequentially reduced by 12% from Q4/FY15.

Net Profit for Q1/FY16 stood at Rs. 519 crore, up by 17.2% over Q4/ FY15.

Return on average assets for Q1/FY16 increased to 0.55%, up by 8 bps over 0.47% in Q4/FY15.

Return on Equity for Q1/FY16 also increased to 11.02% from 9.70% in Q4/FY15.

Cost to income Ratio declined by 223 bps to 48.92% in Q1/FY16 from 51.15% in Q1/FY15.

Capital Adequacy Ratio (Basel III) stood at 10.14% (excluding quarterly profit). Tier I CRAR is 7.46%, within which CET1 is 7.20%.

Liquidity Coverage Ratio of the Bank for the quarter ended June 30, 2015 was 116.10% against regulatory minimum of 60% reflecting comfortable liquidity.