Union Bank Q2 net profit up 30% as margins improve

What happened: Union Bank reported a 30% rise in Q2 net profit as margins improved, with total advances up 19% year-on-year to ₹11.6 lakh crore. Key numbers: Net profit up 30%. Advances ₹11.6 lakh crore, up 19%. Domestic advances up 17%. Corporate advances ₹5.2 lakh crore, up 24%. Corporate loan pipeline ₹1 lakh crore. NIM 2.9% versus 2.7% a year ago. FCNR(B) deposits $2.3 billion. Why it matters: CEO Asheesh Pandey said the bank aims to improve NIM beyond 3% by next fiscal year, citing the repo rate hike of 25 basis points and margin build-up begun when rates were falling.

Union Bank reported a 30% rise in Q2 net profit as margins improved, with total advances up 19% year-on-year to ₹11.6 lakh crore.

CEO Asheesh Pandey said the bank aims to improve NIM beyond 3% by next fiscal year, citing the repo rate hike of 25 basis points and margin build-up begun when rates were falling.