Q4 Results 2022: Union Bank, Bandhan Bank announce March quarter results; here are key highlights

Q4 Results 2022: Union Bank and Bandhan Bank announced their March quarter results on Thursday. The results were announced during market hours. Earlier,  state-run bank State Bank of India (SBI) reported its highest ever PAT.

Here are key highlights of the results.

Union Bank of India Q4 Results 2022: profit up 8% at Rs 1,440 cr

Union Bank of India on Friday reported over 8 per cent rise in standalone net profit at Rs 1,440 crore for the quarter ended March 2022.

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

Total income rose to Rs 20,417.44 crore during January-March 2021-22 as against Rs 19,804.91 crore in the year-ago period, the bank said in a regulatory filing.

For the full year 2021-22, standalone net profit jumped 80 per cent to Rs 5,232 crore from Rs 2,906 crore in previous year. Total income was down a tad at Rs 80,468.77 crore from Rs 80,511.83 crore in previous fiscal year.

The bank's gross non-performing assets (NPAs or bad loans) improved at 11.11 per cent of gross advances as of March 31, 2022 from 13.74 per cent by the year-ago same period.

In value terms, gross NPAs were worth Rs 79,587.07 crore, down from Rs 89,788.20 crore by the year-ago same period.

Net NPAs fell to 3.68 per cent (Rs 24,303.30 crore) from 4.62 per cent (Rs 27,280.52 crore).

On a consolidated basis, net profit in March quarter rose nearly 23 per cent to Rs 1,557 crore as against Rs 1,269 crore in the year-ago period. Total income, however, was down at Rs 19,353.85 crore from Rs 20,681.40 crore, the state-owned bank said.

The Board of Directors has recommended a dividend of Rs 1.90 per equity share (19 per cent) for the year ended March 31, 2022 subject to requisite approvals, the bank said.

Union Bank of India stock jumped 7.86 per cent to trade at Rs 36.35 on BSE.

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Bandhan Bank Q4 Results 2022: net profit jumps multi-fold to Rs 1,902 cr

Private sector Bandhan Bank on Friday reported a multi-fold jump in its net profit at Rs 1,902.30 crore in the quarter ended March 2022.

The bank had posted a net profit of Rs 103 crore in the year-ago quarter.

Total income of the bank in Q4FY22 rose by 43 per cent to Rs 3,504.2 crore, as against Rs 2,457.4 crore in the same period of FY21, Bandhan Bank said in a regulatory filing.

Net interest income during the quarter rose by 45 per cent to Rs 2,539.8 crore, while non-interest income grew by 38 per cent to Rs 964.4 crore, the bank said.

On asset quality, there was a slight improvement with the gross non-performing assets (NPAs) falling to 6.46 per cent of the gross advances as of March 31, 2022, from 6.81 per cent by March 2021.

Net NPAs or bad loans reduced significantly to 1.66 per cent, from 3.51 per cent.

Provisions (other than tax) for the quarter were trimmed massively to Rs 4.7 crore, as against Rs 1,507.70 crore in March 2021 quarter, the bank said.

"Bank has seen best ever quarterly performance during the quarter backed by robust all round operating performance and lower credit costs. Given the strong recovery and stable operating environment we are confident of further improving our performances during next fiscal as well," Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank said.

Banking outlets as on March 31, 2022, stood at 5,639. Total number of ATMs stood at 471 as on March 31, 2022 against 487 as on March 31, 2021. During the quarter, the number of employees of the bank increased from 55,341 to 60,211, said the lender.

Stock of Bandhan Bank traded at Rs 322.50 apiece on BSE, up by 6.02 per cent from previous close.

Inputs from PTI