The countrywide outreach camps follow the RBI Monetary Policy Committee’s back-to-back rate cuts, which saw interest rates on bank credit fall 50 basis points. Union Bank’s MSME loan now starts at an affordable interest rate of 8.75%.

The programs will be conducted across 62 locations from April 28 to 30, 2025, bringing together existing and potential customers, industry associations, trade bodies, and government agencies. These events will serve as collaborative platforms to address financial needs, promote digital banking awareness, and introduce tailored financial solutions.

The MSME & CASA Outreach program will focus on understanding customers’ financial needs, showcasing bank products, generating leads, and gathering feedback for continuous improvement in service quality and customer satisfaction. The program will cater to existing & prospective MSME customers, start-ups, young professionals, emerging entrepreneurs, women entrepreneurs, vendors, and suppliers associated with large industries, and representatives from industry associations, trade bodies, and chambers of commerce. The CASA Outreach program is designed for prospective premium CASA customers, government department heads, doctors, and other professionals

The event will be presided over by senior officials from Union Bank and will provide a platform for customers to engage with the bank and share their experiences.

During the outreach, customers will have the opportunity to upgrade their CASA accounts and activate salary accounts on the spot. The program will also feature on-spot locker sanction, Vyom digital banking registration, and dedicated help desks for internet banking and mobile banking activation.

The post Union Bank of India Launches Innovative Programs to Pass on RBI-MPC Rate Cuts to MSME and CASA Customers appeared first on NRI News.

MUMBAI: YES BANK, India’s sixth-largest private sector bank, has achieved a notable 20.9% year-on-year (Y-o-Y) growth in total deposits, reaching INR 2,65,072 crore as of Q1FY25. This significant growth reflects the strong trust and confidence that customers place in the Bank, emphasizing the successful turnaround that the Bank has scripted in the last four years. It also highlights the solid financial foundation and customer-focused strategies, that the Bank has implemented.

Amidst a challenging environment where the banking industry faces the task of balancing deposit growth with increasing credit demand, YES BANK has not only kept pace but has exceeded industry averages. This success aligns with the broader industry’s focus on deposit growth, as emphasized by recent regulatory guidance aimed at bolstering the financial resilience of the banking sector.

A key driver of YES BANK’s success has been its strategic emphasis on enhancing its low-cost deposit base. The Bank has seen a substantial improvement in its CASA (Current Account Savings Account) ratio, which increased to 30.8% in Q1FY25 from 29.4% in the same quarter of the previous year. This improvement is the result of the Bank’s focus on granular CASA deposits, leading to the addition of approximately 17 lakh new CASA accounts during FY2023-24. A 23% increase in CASA balances further strengthens the Bank’s low-cost deposit base, showcasing the effectiveness of its customer acquisition and retention efforts.

This strong performance is also supported by strategic investments in expanding the Bank’s distribution network. In FY2023-24, YES BANK opened 133 new branches in CASA-rich clusters, bringing its total to 1,453 outlets across various states and union territories. This expansion has allowed the Bank to offer a broad range of financial products, deepening customer engagement and driving deposit growth. As a result, the Bank has achieved a Compound Annual Growth Rate (CAGR) of 22.3% in branch banking-led deposits over the past two years, significantly outpacing the industry average of 11.9% and the 17.4% CAGR among private banks.

The Bank’s outperformance in deposit growth can be attributed to three key factors:

• Productivity Gains: Enhancing efficiencies within its existing and expanding franchise
• Acceleration in Customer Acquisition: A strong focus on acquiring high-value customers
• Rise in New Acquisition Value (NAV): Improving the quality and value of the deposit base

As YES BANK continues to build on this momentum, its focus remains on sustaining this growth by deepening customer relationships, expanding its product offerings, and ensuring that its deposit growth strategy stays aligned with evolving regulatory requirements and market conditions.

Looking ahead, this impressive deposit growth positions YES BANK for enhanced financial stability, increased lending capacity, and improved profitability will be the key drivers that will enable the Bank to capitalize on emerging opportunities and further strengthen its market presence in the years to come.

The post YES BANK’s Impressive 20.8% Year-on-Year Deposit Growth: A Testament to Resilience Amid Regulatory Scrutiny appeared first on NRI News.

On the Asset quality front, the GNPA ratio is down by 263 bps YoY, and the Net NPA ratio is down by 56 bps YoY. Provision Coverage Ratio (PCR) improved by 156 bps YoY.

Global Business crossed the 12 lakh crore mark, increasing by 8.61%. Global Deposits increased by 8.71% YoY. Gross Advances increased by 8.48% YoY.

Net Interest Income (NII) increased by 45% YoY to Rs.5,915 Cr for Q1FY24 against Rs.4,072 Cr in Q1FY23. Non-Interest Income increased by 27% YoY to Rs.1,462 Cr in Q1FY24 against Rs.1,152 Cr for Q1FY23.

Domestic Deposits increased by 7.98% YoY to Rs. 5,89,517 Cr in Jun’23. Domestic CASA went up by 7.56% YoY to Rs. 2,60,615 Cr in Jun’23 and the CASA ratio stood at 44.52%.

RAM advances increased by 11.75% YOY to Rs.2,39,954 Cr, constituting 55.39% of Advances in Jun’23.

As of 30.06.2023, Bank’s total Capital Adequacy Ratio (CRAR) was at 15.60% against 16.28% in Mar’23. CET-1 ratio stood at 13.02% as on Jun’23 against 13.60% in Mar’23.

The Bank has since created end-to-end Digital products, viz. SB accounts on the deposit side and Mudra/KCC/Personal loan/pensioner loan on the loan segment. Customers can open SB accounts and avail of loans without visiting the branch. There are more than 20 products that will be rolled out in Q2 & Q3 of this year. The bank is targeting at least Rs.10,000 Cr of business through Digital products by the end of this financial year. As of 30th June’23, the Bank has 5129 Domestic branches. Rural: 1852 (36%), Semi-Urban: 1456 (28%), Urban: 829 (16%), Metro: 992 (19%).

Results Summary for Q1 – FY2024

Key highlights:

• Net Profit increased by 176% YoY to Rs.1,551 Cr.
• Operating Profit increased by 72% YoY to Rs.3,752 Cr.
• Net Interest Income increased by 45% YoY to Rs.5,915 Cr.   
• NIM (Global) improved by 49 bps YoY.
• The yield on Advances (Dom.) improved by 157 bps YoY.   
• The gross NPA ratio is down by 263 bps YoY.
• The net NPA ratio is down by 56 bps YoY.
• Provision Coverage Ratio (PCR) improved by 156 bps YoY.   
• CRAR stood at 15.60%, with CET-1 ratio at 13.02%.
• Global Business crossed the 12 lakh crore mark, increasing by 8.61%.   
• Global Deposits increased by 8.71% YoY.
• Gross Advances increased by 8.48% YoY.
• RAM Advances grew by 11.75% YoY and it constitutes 55.39% of Advances.   
• Retail Credit grew by 15.05% YoY.
• Agriculture Credit grew by 10.10% YoY.    MSME Credit grew by 9.19% YoY.
• CASA deposits increased by 7.56% YoY and CASA ratio at 44.52%.

Profitability Q1FY24:

• Net Profit increased by 176% YoY to Rs.1,551 Cr in Q1FY24 against Rs.561 Cr in Q1FY23.
• Operating Profit increased by 72% YoY to Rs.3,752 Cr for Q1FY24 against Rs.2,183 Cr for Q1FY23.
• Net Interest Income (NII) increased by 45% YoY to Rs.5,915 Cr for Q1FY24 against Rs.4,072 Cr in Q1FY23.
• Non-Interest Income increased by 27% YoY to Rs.1,462 Cr in Q1FY24 against Rs.1,152 Cr for Q1FY23.

Ratios:

• NIM (Global) improved by 49 bps to 3.03% in Q1FY24 against  2.54%  in Q1FY23. NIM (Domestic) improved by 51 bps to 3.37% in Q1FY24  against 2.87% in Q1FY23.
•  Return on  Assets  (RoA)  improved by  42  bps to  0.71%  in  Q1FY24  against 0.29% in Q1FY23.
• Return on Equity (RoE) improved by 806 bps to 14.90% in Q1FY24 against 6.84% in Q1FY’23.
• The cost to Income ratio (Global) improved by 908 bps to 49.14% in Q1FY24 against 58.22% in Q1FY23.
• The slippage ratio improved to 0.53% in Q1FY24 against 0.69% in Q1FY23.
• Credit Cost stood improved to 0.64% in Q1FY24 against 1.21% in Q1FY23.
• The yield on Advances (Global) improved by 157 bps to 8.10% in Q1FY24 against 6.53% in Q1FY23.
• Cost of Deposits (Global) stood at 4.22% in Q1FY24 against 3.49% in Q1FY23.

Productivity Ratios:

• Business per employee improved to Rs.23.21 Cr in Jun’23 from Rs.21.26 Cr in Jun’22.
• Business per branch improved to Rs.237.04 Cr in Jun’23 from Rs.218.24 Cr in Jun’22
• Net Profit per employee improved to Rs.11.85 lakh in Jun’23 from Rs.4.27 lakh in Jun’22.
• Net Profit per branch improved to Rs.121.06 lakh in Jun’23 from Rs.43.82 lakh in Jun’22.

Global and Domestic Business Growth:

• Global Business crossed 12 lakh crore and reached Rs.12,14,808 Cr with a growth of 8.61% YoY in Jun’23.
• Global Advances grew by 8.48% YoY and reached Rs. 5,18,264 Cr in Jun’23.
• Global Deposits increased by 8.71% YoY to Rs. 6,96,544 Cr in Jun’23.
• Domestic Deposits increased by 7.98% YoY to Rs. 5,89,517 Cr in Jun’23.
• Domestic CASA went up by 7.56% YoY to Rs. 2,60,615 Cr in Jun’23 and the CASA ratio stood at 44.52%.
• Savings deposits increased by 6.21% YoY to Rs.2,25,020 Cr in Jun’23.
• Current deposits increased by 16.94% YoY to Rs.35,596 Cr in Jun’23.
• Domestic Advances increased by 7.98% YOY to Rs. 4,33,246 Cr in Jun’23.
• RAM advances increased by 11.75% YOY to Rs.2,39,954 Cr, constituting 55.39% of Advances in Jun’23.
• Retail Credit grew by 15.05% YOY to Rs.95,963 Cr in Jun’23.
• Agriculture Credit grew by 10.10% YOY to Rs.72,801 Cr in Jun’23.
• MSME Credit grew by 9.19% YOY to Rs.71,190 Cr in Jun’23.
• Overseas Deposits increased by 12.91% YOY to Rs. 1,07,027 Cr and Overseas Advances increased by 11.08% YOY to Rs. 85,018 Cr in Jun’23.

Capital Adequacy:

• As of 30.06.2023, Bank’s total Capital Adequacy Ratio (CRAR) was at 15.60% against 16.28% in Mar’23.
• CET-1 ratio stood at 13.02% as on Jun’23 against 13.60% in Mar’23.

Priority Sector, Financial Inclusion & Digital Banking:

• Priority Sector Advances increased by 8.89% YOY and achieved 43.14% of ANBC as on Jun’23. Agricultural advances achieved 18.98% of ANBC.
• Advances to Small & Marginal Farmers achieved 12.09% of ANBC in Jun’23 against the regulatory norm of 9%.
• Advances to Weaker Sections achieved 15.05% of ANBC in Jun’23 against the regulatory norm of 11%

PMJDY accounts increased to 285 lakhs as on Jun’23 from 271 lakhs in Jun’22. (No. in Lacs)

• Internet Banking users: Increased to 8.55 million in Jun’23 from 8.08 million in Jun’22.
• Mobile Banking users: Increased to 8.46 million in Jun’23 from 6.11 million in Jun’22.
• The number of UPI transactions increased by 1.45 times to 8,625 lakh in Q1 FY24 from 5,911 lakh in Q1 FY23.

Digital Products:

• Bank has since created end-to-end Digital products, viz. SB accounts on the deposit side and Mudra/KCC/Personal loan/pensioner loan on the loan segment.
• Customers can open SB accounts and avail of loans without visiting the branch.
• There are more than 20 products that will be rolled out in Q2 & Q3 of this year.
• We are targeting at least Rs.10,000 Cr of business through Digital products by the end of this financial year.

Branch Network:

• As of 30th June’23, the Bank has 5129 Domestic branches.
• Rural: 1852 (36%), Semi-Urban: 1456 (28%), Urban: 829 (16%), Metro: 992 (19%).

Awards & Accolades:

• PT Bank of India Indonesia, the Subsidiary of our Bank has been ranked as the no. 1 bank in Indonesia in the category of “Best Conventional Bank under KBMI I Category’ as declared by CNBC Indonesia.
• Our Bank was awarded “उत्कृ ष्ट पुरस्कार” of Digidhan Awards 2021-22 by the Union Ministry of Electronics and Information Technology for achieving top position in overall performance in Digital Payments
• Bank has received Infosys “Finacle Innovation Awards 2023” (Gold Winner) under the Category of Product Innovation for Product: HMCQR Menu.
• Bank has won for “NUMERO UNO” Award in the “APY National Championship Cup” campaign from PFRDA for good performance in APY Campaign (01.10.2022 to 14.11.2022).
• Bank has won for “Exemplary Award of Par Excellence” Award in the “Circle of Excellence” campaign from PFRDA for good performance in the APY Campaign (01.10.2022 to 14.11.2022).
• Bank has been nominated for the “Annual APY Exemplary Award of Excellence” for achieving 162% of the Annual APY target (FY 2022-23) from PFRDA.
• Bank has won the “NUMERO UNO” Award in the ‘Old Age  Financial  Freedom” Campaign for the best performer Bank in PSB (FY 2022-23).

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