In the third quarter ending December 31, 2023, Union Bank of India (UBI) recorded notable year-on-year growth, with a 11.44% increase in gross global advances and a 10.09% rise in total global deposits.
As of December-end 2023, the public sector bank’s gross global advances and total global deposits reached ₹8,95,973 crore and ₹11,72,456 crore, respectively, according to the bank’s quarter-end business update.
On the domestic front, there was a 10.69% year-on-year growth in advances (amounting to ₹8,66,689 crore) and an 8.54% year-on-year growth in deposits (reaching ₹11,54,326 crore).
Notably, domestic CASA (current account, savings account) deposits decreased to 34.39% of domestic deposits, compared to 35.34% in the same quarter of the previous year. Conversely, the proportion of domestic RAM (retail, agriculture, and MSME) advances increased to 56.27% of domestic advances, up from 54.71%.
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