NSE: UNIONBANK · BSE: 532477
UNION BANK OF INDIA
A public sector commercial bank in India that takes deposits and lends to corporate/wholesale, retail, MSME and agriculture borrowers, while also earning from its investment treasury and fee-based banking operations. For the year-to-date period ended 31 December 2024, Corporate/Wholesale Banking was the largest segment revenue contributor at 35.8% (₹34,321.77 cr), followed by Retail Banking Operations at 34.8% (₹33,412.46 cr) and Treasury Operations at 24.9% (₹23,854.72 cr). Gross advances reached about ₹10.96 lakh cr in Q1 FY27 with the RAM (Retail, Agriculture, MSME) book growing 11.56% year-on-year, while total business stood at ₹23.8 lakh cr. The bank is rebalancing its deposit mix away from bulk deposits toward CASA and retail term deposits, supported by a dedicated ecosystem banking vertical of more than 1,200 staff across 118 centres and 12 hubs. Asset quality has improved with GNPA at 2.65% and NNPA at 0.47%, NIM expanded to 2.80%, and capital adequacy stood at 18.46% even after partially absorbing an ~₹11,300 cr ECL provisioning requirement. To diversify funding, the board approved raising up to USD 2.00 billion through a Medium Term Note Programme to be issued via its Dubai and Sydney branches. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Corporate/Wholesale Banking (36%), Retail Banking Operations (35%), Treasury Operation (25%), Other Banking Operations (2%), Unallocated (2%). Public sector commercial bank; deposit-funded, rate-sensitive lending franchise with cyclical credit costs.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | 5,265 | 8,512 | 13,797 | 18,027 | 19,430 |
| EPS, as reported (₹) | 7.77 | 12.45 | 19.15 | 23.62 | 25.45 |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 36,339 | 6,111 | 19,930 | 17,479 | (35,798) |
| Capex | — | — | — | — | — |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Profit before tax | 6,406 | 5,889 | 6,175 | 5,269 | 5,453 | 6,638 | 6,926 | 7,067 |
| Net profit | 4,722 | 4,597 | 5,001 | 4,137 | 4,281 | 5,029 | 5,334 | 5,368 |
| EPS (₹) | 6.22 | 6.06 | 6.56 | 5.80 | 5.80 | 6.65 | 7.21 | 7.39 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| STATE BANK OF INDIA | 8,83,184 | 10.3 | — | — | — | — | — | — |
| UNION BANK OF INDIA ◆ | 1,39,321 | 6.8 | — | — | — | — | — | — |
| PUNJAB NATIONAL BANK | 1,38,272 | 6.3 | — | — | — | — | — | — |
| BANK OF BARODA | 1,20,028 | 6.6 | — | — | — | — | — | — |
| INDIAN BANK | 1,12,592 | 8.8 | — | — | — | — | — | — |
| CANARA BANK | 1,06,898 | 5.4 | — | — | — | — | — | — |
| BANK OF MAHARASHTRA | 61,456 | 8.2 | — | — | — | — | — | — |
| BANK OF INDIA | 60,515 | 5.1 | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.8 | 7.5 | 6 of 12 | 55% |
| Profit growth | 29.8 | 28.3 | 6 of 12 | 55% |
| Market cap | 139321 | 84177 | 2 of 12 | 91% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Audio recording of Q2FY27 post-earnings call shared | investor communications | low | — | — |
| 19 Oct 2026 · Union Bank Q2 FY27: Net Profit up 30% YoY at Rs 5,537 cr | investor communications | medium | — | — |
| 19 Oct 2026 · Union Bank Q2FY27: Net profit Rs 5,537 cr, NPAs improve | compliance | medium | — | — |
| 19 Oct 2026 · Union Bank Q2 FY27: Net profit jumps about 30 percent YoY, asset quality improves | results | high | — | — |
| 19 Oct 2026 · Union Bank Q2 FY27: PAT up 30% YoY, Gross NPA improves to 2.42% | results | high | — | — |
| 14 Oct 2026 · Earnings call scheduled for Q2 FY27 results on Oct 19, 2026 | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Board meeting on Oct 19 to consider Q2 FY27 results | results | low | — | — |
| 8 Oct 2026 · CARE reaffirms Union Bank AAA rating, withdraws perpetual bond | credit debt | medium | — | — |
| 7 Oct 2026 · S&P reaffirms Union Bank India rating at BBB/Stable/A-2 | credit debt | medium | — | — |
| 6 Oct 2026 · Union Bank files SEBI Reg 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.