Union Bank April-June Domestic Loan Growth Slows; Deposits Shrink Sequentially

Union Bank of India’s domestic advances rose 6.8% on year to ₹9.38 trillion as of June. 30, though the figure fell 0.8% sequentially, the lender said in an exchange filing Tuesday. Loans to the retail, agriculture, and MSME segments grew 10.3% on year and 2.5% on quarter to ₹5.45 trillion.

Retail lending remained a key driver, up 25.6% on year and 5.6% on quarter to ₹2.29 trillion. Global gross advances stood at ₹9.75 trillion, also up 6.8% on year.

Total business grew 5% on year to ₹22.14 trillion but fell 1.8% from the previous quarter. Domestic deposits rose 3.6% on year to ₹12.40 trillion but dropped 2.5% sequentially. CASA deposits slipped 5.4% on quarter to ₹4.03 trillion, while rising just 0.9% on year.