Union Bank of India

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Union Bank of India
Public company
Traded as BSE532477
NSEUNIONBANK
Industry Banking, Financial services
Founded 11 November 1919; 98 years ago (1919-11-11)
Headquarters Mumbai
Key people
Shri Rajkiran Rai G.
(Managing Director & CEO)
Products Consumer banking, corporate banking, finance and insurance, investment banking, mortgage loans, private banking, wealth management
Revenue Increase 32,198.80 crore (US$5.0 billion)(2016)[1]
Decrease 5,722 crore (US$890 million) (2016)[1]
Decrease 1,351.60 crore (US$210 million) (2016)[1]
Total assets Increase404,695.90 crore (US$63 billion) (2016) [1]
Owner Government of India
Number of employees
35,514 (2016)[1]
Capital ratio 10.56% (2016)[1]
Website www.unionbankofindia.co.in

Union Bank of India (UBI; BSE532477) is one of the largest government-owned banks of India (the government owns 63.44% of its share capital). It is listed on the Forbes 2000, and has assets of USD 13.45 billion. All the bank's branches have been networked with its 6909 ATMs as on 30 September 2015. Its online Telebanking facility are available to all its Core Banking Customers - individual as well as corporate. As of September 2016, UBI has 4214 branches. Four of these are overseas in Hong Kong, Dubai International Financial Centre, Antwerp, and Sydney (Australia). UBI also has representative offices at Shanghai, Beijing and Abu Dhabi. Lastly, UBI operates in the United Kingdom through its wholly owned subsidiary, Union Bank of India (UK).

History[edit]

Union Bank branch in GITAM University, Visakhapatnam

Union Bank of India (Union Bank) was registered on 11 November 1919 as a limited company in Mumbai and was inaugurated by Mahatma Gandhi. At the time of India's Independence in 1947, Union Bank of India had only four branches - three in Mumbai and one in Saurashtra, all concentrated in key trade centres. After Independence, the growth is accelerated and by the time the Indian government nationalized it in 1969, it had 240 branches. Shortly after nationalzsation, Union Bank of India acquired Belgaum Bank, a private sector bank established in 1930 that had itself merged in a bank in 1964, the Shri Jadeya Shankarling Bank (Bijapur; incorporated on 10 May 1948). Then in 1985 Union Bank of India acquired Miraj State Bank, which was established in 1929, and which had 26 branches. In 1999 the Reserve Bank of India requested that Union Bank acquire Sikkim Bank in a rescue after extensive irregularities had been discovered at the non-scheduled bank.

Union Bank began its international expansion in 2007 with the opening of representative offices in Abu Dhabi, United Arab Emirates, and Shanghai in Peoples Republic of China. The next year, Union Bank established a branch in Hong Kong, its first branch outside India. In 2009, Union Bank opened a representative office in Sydney, Australia.

At present, the offshore banking operations of Union Bank of India are led by its branches in Hong Kong and newly opened branch in Dubai at Dubai International Financial Centre.

Vision[edit]

To become the Bank of first choice in our chosen areas by building beneficial and lasting relationships with customers through a process of continuous improvement.

Mission[edit]

  • To be a customer centric organization known for its differentiated customer service
  • To offer a comprehensive range of products to meet all financial needs of customer
  • To be a top creator of shareholder wealth through focus on profitable growth
  • To be a young organization leveraging on technology and experienced workforce
  • To be the most trusted brand, admired by all stakeholders
  • To be a leader in area of Financial Inclusion

Financial Result Data[edit]

Shareholder's Funds 19,760 crore (US$3.1 billion) (31 March 2015)
Total Deposits 316,869 crore (US$49 billion) (31 March 2015)
Total Borrowings 35,359 crore (US$5.5 billion) (31 March 2015)
Total Investments 94,092 crore (US$15 billion) (31 March 2015)
Total Assets 381,615 crore (US$60 billion) (31 March 2015)
Reserves & Surplus 250,125 crore (US$39 billion) (31 March 2015)

Highlights for FY 2016-2017[edit]

  • Total Business of ₹ 6,80,076 crore as on March 31, 2017, an increase of 9.61%.
  • Total Deposits of ₹ 3,78,392 crore as on March 31, 2017, an increase of 10.41%.
  • Gross Advances of ₹ 3,01,684 crore as on March 31, 2017, an increase of 8.63%.
  • Share of CASA deposit improved to 34.44% as on March 31, 2017 from 32.35% as of March 31, 2016.
  • In Advances as of March 31, 2017, RAM sector (Retail, Agriculture & MSME) increased by 15.19% and contributes more than 53.80% of domestic loan book.
  • Non Interest Income increased by 36.70% from ₹ 3,632 crore to ₹ 4,965 crore.
  • Core Fee Income increased from ₹ 1,879 crore to ₹ 2,068 crore.
  • Net Interest Income increased by 7.08% from ₹ 8,314crore to ₹ 8,903 crore.
  • Operating Profit for FY 2016-17 increased by 29.85% to ₹ 7430 crore from ₹ 5722 crore in FY 2015-16.
  • Capital Adequacy Ratio (CRAR) under Basel III stood at 11.79% as on March 31, 2017 against the minimum regulatory requirement of 9.00%. Common equity tier 1 ratio stood at 7.71%.
  • Pan India presence- Network of 4282 (including 4 overseas branches) and 7518 ATMs as on March 31, 2017.

Awards[edit]

  • IBA Best Technology Bank of the year 2015-16[2]

See also[edit]

References[edit]