Union Bank Of India Sees 11.44% Increase In Gross Global Advances

In the third quarter ending on 31 December 2023, Union Bank of India (UBI) witnessed an 11.44 per cent year-on-year surge in gross global advances and a 10.09 per cent year-on-year increase in total global deposits.

By the end of December 2023, the public sector bank's gross global advances reached Rs 8,95,973 crore, while total global deposits stood at Rs 11,72,456 crore, as indicated in the bank's quarter-end business update.

The domestic advances and deposits exhibited a 10.69 per cent year-on-year climb (reaching Rs 8,66,689 crore) and an 8.54 per cent year-on-year rise (reaching Rs 11,54,326 crore), respectively.

However, there were fluctuations in certain segments: Domestic current account, savings account (CASA) deposits experienced a decrease, constituting 34.39 per cent of domestic deposits compared to 35.34 per cent in the corresponding quarter of the previous year. Conversely, the proportion of domestic retail, agriculture and MSME (RAM) advances increased to 56.27 per cent of domestic advances, up from 54.71 per cent in the prior year.