Union Bank of India’s shares increased by around 1.5 percent in early trading on January 8 after reporting Q3 advances that increased by 11.44 percent year over year. The Union Bank of India share was trading at Rs 125.12 on the NSE at 9:15 a.m.

Public sector bank Union Bank of India recorded strong year-over-year (YoY) growth in its total business, exceeding Rs 20.68 Lakh Crore in the December FY24 quarter. While deposits showed a noteworthy 10.09 percent increase to Rs 11.72 lakh crore during Q3FY24, the bank’s total advances saw a 11.44 percent YoY increase to Rs 8.96 lakh crore.

Union Bank of India recorded a YoY increase in deposits of 8.54 percent in the domestic market, amounting to Rs 11.54 lakh crore. Provisional estimates indicate that domestic advances increased by 10.69 percent to reach Rs 8.66 lakh crore concurrently.

In a recently released research, brokerage company Motilal Oswal expressed its bullishness on Union Bank of India and gave the stock a “buy” rating with a target price of Rs 150 per share.

Moreover, the significant rise in advances and deposits highlights the bank’s adept financial administration and its capacity to draw in and use capital effectively. The Q3FY24 performance of Union Bank of India highlights the bank’s major role in the expansion and stability of the Indian banking industry.

The stock of Union Bank of India has returned 55.12 percent in the past six months. Over the same period, the benchmark Nifty Bank index has returned 7.20 percent.

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