Union Bank of India Q4: Deposits Hit ₹13.06 Lakh Cr, CASA Jumps 7.9%

• Union Bank of India reported its provisional business update for the fourth quarter on April 2.
• Total global business increased 5.79% to ₹23.85 lakh crore, with global deposits at ₹13.06 lakh crore.
• Global advances reached ₹10.78 lakh crore, marking a 9.76% increase from the year-ago period.
• Domestic business grew 10.39% to ₹28.45 lakh crore, with domestic advances surging 10.06% to ₹10.41 lakh crore.
• CASA (Current Account Savings Account) deposits were up 7.9% annually, reaching ₹4.6 lakh crore.

Key Questions Answered

How will Union Bank's growth impact its stock performance?

Union Bank of India's stock increased by 0.6% to ₹172.68 in the previous session. While the stock has declined 9.7% in the past month, it has gained 12.4% year-to-date.

What strategies drive Union Bank's deposit increase?

Union Bank's global deposits increased by 2.72% year-on-year and 6.87% quarter-on-quarter to ₹13.06 lakh crore. The bank's CASA deposits also saw a 7.9% annual increase, reaching ₹4.6 lakh crore.

Could this growth affect future interest rates?

Yes, elevated global energy prices and inflation concerns could lead to interest rate hikes. The RBI may increase rates if global energy prices persist or food inflation spikes.