Page 2 - Union Bank

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Stocks to watch on August 22, 2023: As per reports, about 30 per cent equity worth Rs 541.5 crore will change hands via a block deal in SJS Enterprises today

Union Bank hands over record dividend of Rs 1,712 cr to government

State-owned Union Bank of India on Wednesday presented a dividend cheque of Rs 1,712 crore for 2022-23. It is the highest dividend Union Bank of India has given in any financial year, the bank said in a statement. Union Bank of India managing director A Manimekhalai handed over the dividend cheque to Finance Minister Nirmala Sitharaman in the presence of Joint Secretary (Banking) Sameer Shukla.

Union Bank of India eyes recoveries worth Rs 16,000 crore in FY24

There was one large account with exposure of Rs 1,200 crore which slipped into the stressed category

Union Bank of India to sell 8 NAP accounts worth Rs 3,000 crore to NARCL

Union Bank of India on Friday said it has identified eight troubled accounts worth Rs 3,000 crore to be sold to the national bad bank NARCL this fiscal. The lender has more than doubled its net income at Rs 3,236 crore in the June 2023 quarter on improved asset quality and recoveries. The city-based bank had already sold three accounts worth Rs 900 crore last fiscal to the national bad bank at a recovery of 33 per cent. We have sort of identified as many as 42 troubled accounts with an outstanding of Rs 10,000 crore to be sold to the National Asset Reconstruction Company (NARCL). Of these, we hope to sell at least eight of them to that central government-owned bad bank this fiscal, A Manimekhalai, the chief executive and managing director of the public sector lender, told reporters at the bank's post-earnings presser here. Union Bank was one of the first lenders to sell its NPAs to NARCL in the first lot of the bad bank's such transactions. The bank had recovered Rs 20,000 crore f

CBI books Delhi firm for cheating Union Bank of India of Rs 46 crore

The Central Bureau of Investigation (CBI) has filed an FIR against Delhi-based company Horizon Solution for allegedly cheating Union Bank of India to the tune of over Rs 46 crore in a loan fraud, officials said on Friday. The CBI has booked the East of Kailash-based company, its proprietor Zeba Urfi and guarantor Zaib Un Nisa on charges of criminal conspiracy, cheating, forgery and under the Prevention of Corruption Act, they said. The company, which is engaged in the sale and installation of IT hardware systems, had submitted plots worth crores of rupees in Dasna, Ghaziabad as collateral while availing credit facilities, the agency said. When the account turned into a non-performing asset (NPA) in 2013, the bank decided to recover its losses by selling the properties but it came to know that they had already been sold without taking mandatory permission from the bank, the CBI alleged. "The aforesaid persons have committed serious criminal offences by fraudulently selling the ...

Rs 35K cr for energy transition: Energy sector awaits disbursement details

No decision has been taken on how to utilise this money for green initiatives and the government is yet to come out with any guidelines too

Union Bank Q3 net up 106.8 % at Rs 2,245 cr, considers QIP for equity

State-owned lender's loan book grows 20.09% YoY to Rs 8.04 trn, asset quality improves

Union Bank raises Rs 2,200 cr in tier II capital for business growth

Public sector lender plans tier I bond of Rs 700 crore before financial year closes

Union Bank likely to sell tier-2 bonds worth Rs 2,000 crore next week

Tier-2 bond sale plan comes amid sharp decline in bond yields

HDFC Bank, Canara Bank get RBI approval for rupee trade with Russia

Three others got permission earlier, but no deal so far

Union Bank Q2 net up 21.07 per cent to Rs 1,848 crore on a YoY basis

Its net interest margin (NIM) improved to 3.15 per cent in Q2FY23 from 2.95 per cent in Q2FY2

Union Bank to raise up to Rs 8,100 cr in capital for business expansion

The lender's board approved raising equity capital up to Rs 3,800 crore, within overall limit of Rs 8,100 crore, said the company in filing with BSE

Union Bank of India gets board approval to raise up to Rs 8,100 cr

State-owned Union Bank of India (UBI) on Thursday said its board of directors has approved raising up to Rs 8,100 crore by issuing equity shares through various modes. The board of directors, in its meeting held on May 26, considered and approved raising of equity capital not exceeding Rs 3,800 crore, within the overall limit of Rs 8,100 crore, the bank said in a regulatory filing. Besides, the lender got the approval for raising of additional tier I (AT I) and/or tier II bonds not exceeding Rs 4,300 crore within the overall limit of Rs 8,100 crore, it said. The equity funds are to be raised through various modes such as public issue of shares (follow on public offer) or rights issue or on a private placement basis. Likewise, the funds to be raised by issuing bonds can be raised through issuance of green or foreign currency denominated AT I/II bonds. UBI said it will seek approval from the shareholders for the proposed fund raising plan in its Annual General Meeting (AGM) schedul

Union Bank Q4 net up 8.26% on improvement of net interest margins

It had posted a net profit of Rs 1,330 crore in Q4FY21

Union Bank of India reports 8% rise in fourth-quarter profit at Rs 1,440 cr

The lender had logged a net profit of Rs 1,330 crore in the same quarter of previous fiscal year

Banks miss Rs 50,000 crore bad loan transfer deadline of March 31 to NARCL

A total of 38 non-performing accounts - amounting to Rs 82,845 crore - were identified for transfer to NARCL, in a phased manner

Union Bank of India raises Rs 1,500 cr through Basel-III compliant bonds

The bank has allotted unsecured, subordinated, non-convertible, taxable, perpetual, fully paid-up Basel III compliant additional tier-I bonds in the nature of debentures, aggregating to Rs 1,500 crore

Atleast 50% of retail, MSME loans to move to digital lending: Union Bank MD

Close to 50 per cent of retail and MSME loans offered by banks will shift to digital lending platforms over next two to three years, Rajkiran Rai G said on Thursday.

Public sector lender Union Bank registers 255% growth in profit

Mirroring the trend set by several other PSBs also reporting higher profitability in the current year

Good show by banks but can they sustain it?

Till March, banks could hold on but not all of them will be in a position to stomach the impact of the second wave of the pandemic