Customer Centricity with Innovative Technology

Annual Report 2023-24 (English version)
Annual Report 2023-24 (Hindi Version)
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About this Report

Unless specified otherwise, the Integrated Annual Report covers the Financial Year 2023-2024. The Union Bank of India’s Integrated Annual Report for FY2024 was approved by the Board of Directors on June 11, 2024, and signed by the Chairman on behalf of the Board.

Our FY2024 Integrated Annual Report aims to provide transparency into how we activate our purpose: to improve our customers’ lives and enhance our communities’ well-being. This report marks our second Integrated Annual Report, produced in accordance with the International Integrated Reporting Council (IIRC) guidelines. Additionally, we strive to comply with the Global Reporting Initiative Standards’ core option, covering general disclosures and topic-specific disclosures relevant to Union Bank of India.

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Chairman’s Message

Driving Sustainable Growth and Innovation

Dear Esteemed Shareholders,

I am delighted to present to you our 105th Annual Report for the Financial Year 2023-24 (FY24). This report provides the Bank’s financial data as well as our social, environmental and governance initiatives. It thereby provides a holistic picture of our contribution to the financial services sector, to our society and environment. This year has been a memorable year for all of us here at Union Bank of India. We emerged more resilient and stronger, and this is reflected not only in our business numbers but also in the trust that our customers have placed in us. I thank our customers, staff, shareholders, and other stakeholders for their unwavering cooperation and hard work to take our Bank to greater heights. Your continued trust inspires our pursuit of responsible banking and inclusive growth.

During FY24, India’s economic performance remained robust despite global challenges and geopolitical concerns. Strong GDP growth of close to 8% was clocked in FY24 and 7.0% growth is forecasted for FY25. Policy reforms by the government and the Reserve Bank of India (RBI) has supported macro stability. The sharp hike in the government’s capital expenditure has supported growth and also initiated the crowding-in of private sector investment. The government is expected to continue with the thrust to capital expenditure next year as well to ensure that the growth recovery remains on track.



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Managing Director’s Message

Strategic Growth Through Customer Centricity and Technology

Dear Esteemed Shareholders,

I am pleased to share an overview of Union Bank of India’s accomplishments and financial performance for the fiscal year 2023-24. Despite global challenges, this year has brought significant opportunities for the Indian economy and the banking sector. Our Bank’s resilience, adaptability, and commitment to core values have strengthened Union Bank of India, reflecting positive trends in the banking sector.

We are delighted to announce our all-time highest net profit of ₹ 13,648 crore for FY24, marking an impressive growth of 61.84%. As of 31st March 2024, our total business has grown to ₹ 21.26 trillion, with a deposit base of ₹ 12.21 trillion and advances of ₹ 9.05 trillion. Our asset quality has improved significantly, with the Gross NPA ratio reducing by 277 bps YoY to 4.76%, and the Net NPA ratio decreasing by 67 bps to 1.03%. The Provision Coverage Ratio (PCR) improved by 235 bps YoY to 92.69%. Our Credit Cost for FY24 stood at 0.74%, an improvement of 90 bps from the previous year. Our Net Interest Margin (NIM) improved to 3.10%, our Return on Assets (RoA) to 1.03%, and Return on Equity (RoE) to 15.58%. The Capital Adequacy Ratio (CRAR) stood at a historic high level of 16.97%, with a CET1 ratio of 13.65%.



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Board of Directors

FY2023-24 Highlights

Natural, Social & Human Capitals

₹79.33crore

Bank approved donations under Corporate Social Responsibility (CSR) initiatives

(Compared to ₹ 52.65 crore. in FY2023)

₹23,059crore

Credit facility extended to Renewable Energy Sector till FY2024

(Compared to ₹ 10,370 crore till FY2023)

₹1,14,128crore

Loans to women beneficiaries in FY2024, up by 7.72% YOY

(Compared to ₹ 1,05,954 crore. in FY2023)

75,866

Workforce Strength in FY2024

(Compared to 75,594 in FY2023)

₹2,555crore

Loans sanctioned under Union Nari Shakti scheme in FY2024

(Compared to ₹ 3,233 crore in FY2023)

>82lakhs

Hours of learning for employees by Union Learning Academies

(Compared to >41 lakhs hours in FY2023)

29.10%

Of our workforce are women

(Compared to 28.82% in FY2023)

₹1,83,833crore

Loans outstanding to Agricultural Sector as on March, 2024, up by 20.95% YoY

(Compared to ₹ 1,51,993 crore as on March, 2023)

₹19.02crore

CSR spend by Union Bank Social Foundation Trust (UBSFT) in FY2024 on 61 projects under Education, Healthcare, Community Development, Skill Development and environmental conservation

₹462crore

Union Green Miles sanctioned till March 2024

(Compared to ₹ 215 crore till March 2023)

₹1,35,748crore

Total MSME Advances in FY2024, up by 8.58% YoY

(Compared to ₹ 1,25,022 crore in FY2023)

₹3,40,226crore

Advances made to the priority sectors in FY2024, up by 12.65% after excluding the PSLC sales and including the investments in RIDF/SIDBI/MUDRA/NHB

(Compared to ₹ 3,02,006 crore in FY2023)

FY2023-24 Highlights

Manufactured & Financial Capitals

Global Business

₹21,26,412crore

as on 31.03.2024, up by 10.31% YoY

Total Global Deposits

₹12,21,528crore

aas on 31.03.2024, up by 9.29% YoY

Global Gross Advances

₹9,04,884crore

as on 31.03.2024, up by 11.73% YoY

CASA Deposits

₹4,10,134crore

as on 31.03.2024, up by 4.08% YoY

Net Interest Income

₹36,570crore

as on 31.03.2024, up by 11.61% YoY

Operating Profit

₹28,211crore

as on 31.03.2024, up by 10.77% YoY

NIM

3.10%

as on 31.03.2024, up by 3 BPS YoY

Yield on Advances

8.73%

as on 31.03.2024, up by 105 BPS YoY

Provision Coverage Ratio

92.69%

as on 31.03.2024, down by 235 BPS YoY

Cost to Income Ratio

46.42%

as on 31.03.2024, up by 15 BPS YoY

Net NPA Ratio

8.73%

as on 31.03.2024, up by 105 BPS YoY

Customers

₹21.97crore

as on 31.03.2024

Domestic Branches

8,580

as on 31.03.2024

ATMs

10,835

as on 31.03.2024

Business Correspondent Points

18,000+

as on 31.03.2024

Corporate and Economic Profile

About the Bank

Union Bank of India is a prominent public sector bank in India, pioneering the implementing of a 100% core banking solution. The Bank has earned numerous accolades for technological advancements, digital banking, financial inclusion, MSME support, and human resource development. As one of India’s leading public sector banks listed on the Indian stock exchanges, the Government of India maintains a significant stake, holding 83.49% of the Bank’s total share capital. Established in 1919, Union Bank of India has a rich history of serving its stakeholders.

Union Bank of India was founded on 11th November 1919, with its headquarters in Mumbai. The Bank was promoted by Seth Sitaram Poddar, and its head office building in Mumbai was inaugurated by Mahatma Gandhi in 1921. Gandhi’s insightful words during the inauguration foresaw the growth and success of the Bank.


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Our Capitals

Manufactured Capital:

Our Commitment to Green Financing and Inclusivity

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Financial Capital:

The Backbone of Green and Digital Growth

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Intellectual Capital:

Empowering Growth Through Knowledge and Innovation

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Natural Capital Part I:

UBI’s Strategic Environmental Governance and Stewardship

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Natural Capital Part II:

Driving Operational Sustainability

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Relationship & Social Capital:

Union Bank’s Commitment to CSR and Social Capital

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Human Capital:

Empowering Our People for Sustainable Success

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Materiality Analysis FY2024:
Stakeholders’ Insights and Priorities

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Details

The Strategic Framework:
Union Bank’sBusiness Model Canvas

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FY2024:Creating Integrated Value

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Transforming Together:
OurApproach to Sustainability

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Promoting Ethical Excellence:
Committed to Fair Practices and Customer-Centric Growth

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GRI Index

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Notice of 22nd Annual General Meeting

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