Union Bank of India Share Price

Union Bank of India is a leading public sector bank with a presence across India and abroad. The Mumbai-headquartered bank was founded on November 11, 1919, by Seth Sitaram Poddar. It has grown into a major PSU bank in the country with a customer base of more than 12 crore.

Following its merger with Corporation Bank and Andhra Bank, effective from April 1, 2020, the combined entity emerged as one of the largest public sector financial service providers. The bank operates through its 8,700 branches in India and four overseas branches in Hong Kong, Dubai, Antwerp and Sydney. Union Bank also operates representative offices in Shanghai, Beijing and Abu Dhabi. It provides financial services in the United Kingdom through its wholly-owned subsidiary, Union Bank of India (UK).

Union Bank of India has achieved many milestones in its journey of 104 years. In 2007, it set a new record by inaugurating 56 new branches in a single day. In 2012, the public sector lender installed its first talking ATM designed specifically for the benefit of the visually impaired. In 2013, the bank established a record by opening 111 branches on its foundation day, November 11.

The government holds a 76.99% stake in the bank (as of September 30, 2023). The bank launched its initial public offering (IPO) in 2006 and it is listed on NSE and BSE. The market capitalisation of the bank stood at nearly ₹89,000 crore as of December 13, 2023. Union Bank share price has surged more than 261% in the past three years.

Union Bank of India business operations

The bank's extensive network comprises over 8,700 domestic branches, 11,100 ATMs and 15,300 business correspondent points, catering to the needs of more than 12 crore customers.

Union Bank of India is the first public sector bank in the country to have successfully executed a 100% core banking solution and to achieve 100% computerisation across all its branches. The bank offers digital banking, retail banking, financial solutions and support for MSMEs.

Apart from retail banking, its corporate and NRI banking divisions cater to the specific needs of business enterprises and Non-Resident Indians (NRIs).

Its retail banking offerings include savings instruments, deposits, retail loans, credit cards, insurance products and demat facility.

Under NRI banking the bank offers a host of services like remittance, savings, loans, payment solutions for NRIs and investment solutions.

For corporate customers, the bank provides cash management services, tax solutions, trade finance, insurance for businesses and enterprise loans.

Financial highlights

Consolidated revenue for FY 2022-23 stood at ₹81,163 crore, up 18.9% year-on-year compared to ₹68,229 crore in FY 2021-22. The bank reported a net profit of ₹8,430 crore in FY23 as against ₹5,209 crore in FY22. The operating profit of the bank stood at ₹25,558 crore in FY23 compared to ₹21,872 crore in the previous fiscal. The bank made a total capital expenditure of ₹71,520 crore in FY23. Earnings per share (EPS) increased to ₹12.45 in FY23 from ₹7.77 in the last financial year.