Union Bank of India Reports Q1 FY'26 Results: 12% Net Profit Growth, 6.8% Credit Growth

Union Bank of India has reported its Q1 FY'26 results, showing a 12% growth in net profit, amounting to Rs. 4,116 crores. The bank's overall credit grew by 6.8%, with the retail loan book growing at 26% and MSME at 18%. However, the growth in bulk deposits was moderated as part of a strategic call. The bank's net interest margin saw an 11 basis point moderation to 2.76%. The bank's gross and net NPA ratios moved towards the guided range, while the provision cover ratio improved by 116 basis points to close to 95%. The slippage ratio was less than 1% for Q1 FY'26, and gross recoveries outpaced total slippages. The bank also continues to participate in digital banking and HR initiatives, and has maintained a strong capital adequacy ratio.