Union Bank made Rs 3,590 crore in profit in Q3 of FY24. For the quarter under review, gross non-performing assets (NPA) were 4.83 percent.
Union Bank of India Ltd.’s shares surged strongly in Saturday’s special trading to reach their one-year peak following the lender’s announcement of an increase in third-quarter net profit (Q3 FY24). At a 52-week high of Rs 145.25, the shares surged 6.72 percent. Union Bank’s Q3 FY24 earnings of Rs 3,590 crore was 59.91 percent higher than the same period last year at Rs 2,245 crore. For the quarter under review, gross non-performing assets (NPA) were 4.83 percent.
The interest earned in the quarter ending December 2023 amounted to Rs 25,363 crore. In Q3 FY24, the bank’s provisions and contingencies totaled Rs 1,748 crore, compared to Rs 3,036 crore during the same time the previous year. About 21.98 lakh shares were observed trading on the BSE. The amount exceeded the 17.47 lakh share two-week average volume. With Rs 30.99 crore in turnover, the counter had a Rs 1,05,405.01 crore market capitalization (m-cap). In contrast, to sell orders for 2,78,138 shares, there were 8,91,888 buy orders.
Union Bank shares rise 7% to a 52-week high as the PSU bank announces Q3 results. Key details:
The 5-day, 10-, 20-, 30-, 50-, 100-, 150-, and 200-day simple moving averages (SMAs) were all being outperformed by the stock’s trading price. The relative strength index (RSI) for the counter during a 14-day period was 76.79. Oversold is defined as a level below 30, and overbought is defined as a value beyond 70. In comparison to the price-to-book (P/B) ratio of 1.12, the company’s stock has a price-to-equity (P/E) ratio of 8.57. Union Bank’s one-year beta of 0.7 suggests that the counter exhibits little volatility.
Promoters owned 76.99 percent of the PSU bank as of December 2023.
Meanwhile, Indian equities benchmarks were open today in a special but fully operational trading session. “January 22 has been declared as a public holiday for stock markets by the Maharashtra government owing to the consecration of the Ram temple in Ayodhya and a full-fledged trading session will be held on January 20,” the National Stock Exchange (NSE) said late on Friday.
