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Union Bank of India (UNIONBANK)

₹171.68 -0.58% last close, 16 Oct

📊 NSE: UNIONBANK 🏢 Banks - Public Sector 📢 Latest filing: 07 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

📅 Next results: 19 Oct 2026 (board meeting)

Union Bank of India's board meets on 19 Oct 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q3 FY26, Union Bank's revenue was ₹26,819 Cr (+0.4% year on year, +0.6% on the previous quarter), and net profit ₹5,073 Cr (+9.7% year on year).

Q3 FY26 (₹ Cr)	Value	YoY vs Q3 FY25	QoQ
Revenue	₹26,819	+0.4%	+0.6%
Net profit	₹5,073	+9.7%	+14.6%
EPS (₹)	6.65	+9.7%	+14.7%

Full quarterly financials → Results calendar →

UNIONBANK delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 56.57% of the UNIONBANK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.13%. Delivery was unusually high while the price barely moved (-0.58%). It traded 2.1 times its average daily volume. In UNIONBANK futures, open interest rose 3.25% while the futures price fell 0.12%: short buildup (new short positions).

56.57%Delivery, 16 Oct

48.13%Own 20-session average

2.1×Volume vs its average

+3.25%Futures open interest

₹171.68NSE close · -0.58%

Delivery in the last 5 sessions: 45.5% · 56.3% · 54.4% · 43.5% · 56.6%

Delivery across the market →Unusual volume today →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

S&P Reaffirms Union Bank of India's Issuer Credit Rating at 'BBB/Stable/A-2'

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 07 Oct 2026, 12:14 PM

S&P Global Ratings reaffirmed Union Bank of India's Issuer Credit Rating at 'BBB/Stable/A-2' with a stand-alone credit profile (SACP) of 'bbb-'. The agency projects the bank's risk-adjusted capital (RAC) ratio will remain above 7% over the next 12-24 months, supported by stable earnings and very high likelihood of government support. Asset quality is expected to remain manageable, though weak loans are forecasted to inch up slightly to 3.5%-3.7% over the next two years from 3.3% as of June 30, 2026.

S&P reaffirmed Issuer Credit Ratings at 'BBB/Stable/A-2' on October 06, 2026
Stand-alone credit profile (SACP) reaffirmed at 'bbb-' with RAC ratio projected above 7%
Ratio of weak loans forecasted at 3.5%-3.7% over the next two years vs 3.3% as of June 30, 2026
Return on average common equity (ROACE) projected at 13.0%-14.0% for FY27-FY29 vs 15.7% in FY26
Domestic loan book grew 12.5% YoY as of June 30, 2026, holding ~5% system market share

💡 Track upcoming quarterly asset quality trends and provisioning impact under the transition to the Expected Credit Loss (ECL) framework.

Union Bank of India Submits Demat Compliance Certificate for Q2 FY27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Oct 2026, 03:23 PM

Union Bank of India has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate from Registrar and Share Transfer Agent KFin Technologies confirms dematerialisation processing for the quarter ended September 30, 2026. All certificates received were verified, mutilated, cancelled, and substituted with depositories' names in the records. This is a standard quarterly administrative filing with zero impact on banking operations or financials.

Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
Covers the quarter ended September 30, 2026
Issued by Registrar and Share Transfer Agent KFin Technologies Limited on October 05, 2026
Confirms mutilation and cancellation of dematerialised share certificates

💡 No action required. Investors should focus on upcoming Q2 FY27 operational earnings updates and asset quality metrics.

Union Bank Q2 FY27 provisional gross advances rise 18.53% YoY to ₹11.56 lakh cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 01 Oct 2026, 10:35 PM

Union Bank of India reported its provisional operational figures for the quarter ended September 30, 2026, showing global gross advances grew 18.53% YoY to ₹11,55,930 crore. Total deposits grew slower at 6.87% YoY to ₹13,19,457 crore, driven by a 14.66% YoY increase in domestic CASA deposits to ₹4,60,697 crore (34.93% share). Domestic RAM (Retail, Agri, MSME) advances increased 14.65% YoY to ₹6,35,527 crore. With advances significantly outpacing deposit growth, the domestic Credit-to-Deposit (C/D) ratio expanded by 733 bps YoY to 84.34%.

Gross advances grew 18.53% YoY and 5.44% QoQ to ₹11,55,930 crore
Total deposits increased 6.87% YoY and 2.81% QoQ to ₹13,19,457 crore
Domestic CASA deposits rose 14.66% YoY to ₹4,60,697 crore, bringing CASA ratio to 34.93%
Domestic RAM advances expanded 14.65% YoY to ₹6,35,527 crore
Domestic C/D ratio (excluding bank deposits) increased by 733 bps YoY to 84.34%

💡 Track the full Q2 FY27 earnings release for Net Interest Margins (NIM) and asset quality metrics, especially watching whether the elevated C/D ratio (84.34%) creates pressure on funding costs.

BWR Reaffirms Union Bank Tier-II Bonds at 'AAA/Stable'; Withdraws Rs 1,705 Cr AT-1 Ratings

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Sep 2026, 11:47 AM

Brickwork Ratings (BWR) has reaffirmed its 'BWR AAA/Stable' rating for Union Bank of India's Rs 1,000 crore Basel III Tier II bonds. Additionally, BWR withdrew ratings for Rs 1,705 crore of Additional Tier I (AT-1) bonds following their full redemption via call options exercised between December 2025 and January 2026. The agency highlighted the bank's strong government ownership (74.76%), comfortable Capital Adequacy Ratio (CAR) of 18.10%, and Provision Coverage Ratio (PCR) exceeding 95%.

Tier II Basel III bonds of Rs 1,000 crore reaffirmed at 'BWR AAA/Stable'
AT-1 bond ratings of Rs 1,705 crore withdrawn upon full redemption
Capital Adequacy Ratio (CAR) stood at 18.10% and CET-1 at 15.69% as of March 31, 2026
Total bank business reached Rs 23,79,697 crore as of June 30, 2026, up 8% YoY
PCR exceeded 95% with Net NPA below 0.50%

💡 Track the bank's upcoming quarterly asset quality indicators and loan book growth in the RAM (Retail, Agriculture, MSME) segment.

RBI Imposes Minor Penalty of ₹1.34 Lakh on Union Bank of India

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 11 Sep 2026, 07:58 PM

The Reserve Bank of India (RBI) has levied a penalty of ₹1,33,850 on Union Bank of India via an order received on September 11, 2026. The penalty pertains to deficiencies observed in mutilated notes, shortages, and counterfeit currency across three currency chests during FY 2021-22 and FY 2022-23 cash remittances. Relative to the bank's TTM PAT of ₹18,938 crore, the financial impact is completely immaterial. The bank reported that necessary preventive measures have been implemented to avoid recurrence.

RBI imposed a monetary penalty of ₹1,33,850 on the bank
Deficiencies identified across 3 Currency Chests regarding currency notes and remittances
Violations relate to audits for FY 2021-22 and FY 2022-23
Order and communication received by the bank on September 11, 2026

💡 No action needed given the negligible financial scale. Investors should continue monitoring asset quality and RAM credit growth in upcoming quarterly earnings.

Union Bank Notified of Multi-Phase Bank Union Strikes Starting 11 September 2026

🔵 WATCH ⭐ 4/10

OTHER 📅 09 Sep 2026, 04:15 PM

Union Bank of India has received notice from the Indian Banks' Association (IBA) regarding planned strikes by multiple bank employee unions. The actions include a one-day strike on 11 September 2026, a three-day strike from 28 to 30 September 2026, and an indefinite strike starting 26 October 2026. Participating unions include the United Forum of Bank Unions (UFBU) and the All-India Bank Officer Association (AIBOA), among others. The bank noted that branch and administrative operations may be impacted, though financial effects cannot be quantified currently.

One-day strike scheduled for 11th September 2026 by UFBU and AIBOA
Three-day strike slated for 28th September 2026 to 30th September 2026 across four unions
Indefinite strike threatened from 26th October 2026 onwards by UFBU, AIBASM, and BKSM
Financial impact of the potential disruptions is currently not disclosed and unquantified

💡 Track whether conciliation talks between the Indian Banks' Association (IBA) and unions result in a withdrawal of the strike notices prior to 11 September 2026.

Union Bank Elevates Omprakash Shriniwas Karwa to Chief General Manager

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 01 Sep 2026, 05:53 PM

Union Bank of India has announced a change in its senior management personnel effective September 1, 2026. Shri Suresh Chandra Teli, Chief General Manager (CGM), superannuated from the bank on August 31, 2026. Consequently, Shri Omprakash Shriniwas Karwa, General Manager and a Chartered Accountant with over two decades of banking experience, has been elevated to the post of Chief General Manager.

Chief General Manager Suresh Chandra Teli superannuated effective August 31, 2026
General Manager Omprakash Shriniwas Karwa promoted to Chief General Manager w.e.f. September 1, 2026
Appointee brings over 20 years of experience spanning Treasury, Risk Management, and Branch Administration

💡 This is a standard internal elevation following a superannuation; no immediate action required. Investors should track overall operational execution in upcoming quarterly financial results.

Union Bank Raises US$ 600 Million via Dual-Tranche Senior Notes via DIFC Branch

🟢 POSITIVE ⭐ 5/10

FUNDRAISE 📅 28 Aug 2026, 03:23 PM

Union Bank of India has issued US$ 600 million in dual-tranche Senior Unsecured Notes through its DIFC Branch on August 28, 2026. The first tranche consists of US$ 300 million due in 2029 carrying a fixed coupon of 5.230% per annum, allocated to 98 allottees. The second tranche is US$ 300 million due in 2031 with a fixed coupon of 5.417% per annum, allocated to 119 allottees. Both tranches will be listed on NSE IFSC Limited, with semi-annual coupon payments commencing February 28, 2027.

Issued US$ 300,000,000 of 5.230% Senior Unsecured Notes maturing on August 28, 2029
Issued US$ 300,000,000 of 5.417% Senior Unsecured Notes maturing on August 28, 2031
Total capital raised stands at US$ 600 million across 98 and 119 allottees, respectively
Notes issued under Reg S via the DIFC branch and will be listed on NSE IFSC Limited

💡 Track the bank's overseas loan book deployment, credit spreads, and net interest margin (NIM) trends in upcoming quarterly updates.

Fitch Assigns 'BBB-' Rating to Union Bank's $600 Million Senior Unsecured Notes

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 27 Aug 2026, 08:08 PM

Fitch Ratings has assigned a final 'BBB-' long-term issue rating to Union Bank of India's USD 600 million senior unsecured notes issued via its Dubai International Financial Centre (DIFC) branch. The issuance is divided into two USD 300 million tranches: a 3-year note due August 2029 with a 5.230% coupon and a 5-year note due August 2031 with a 5.417% coupon. The rating is equalised with India's sovereign rating (BBB-/Stable), reflecting high state support expectations backed by the Government of India's ~75% ownership.

Assigned final 'BBB-' rating by Fitch for USD 600 million senior unsecured notes issued via DIFC branch
USD 300 million 3-year notes priced at 5.230% coupon maturing August 2029 (ISIN: XS3485474533)
USD 300 million 5-year notes priced at 5.417% coupon maturing August 2031 (ISIN: XS3485474707)
Rating is equalised with Indian sovereign IDR (BBB-/Stable) supported by 74.76% promoter holding

💡 Track the deployment of foreign currency funds into overseas asset growth and monitor the bank's net interest margins across domestic and international operations.

Fitch assigns 'BBB-' rating to Union Bank's $600 million senior unsecured notes

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 27 Aug 2026, 08:04 PM

Fitch Ratings has assigned a final long-term rating of 'BBB-' with a Stable outlook to Union Bank of India's USD 600 million senior unsecured notes issued via its Dubai International Financial Centre (DIFC) branch. The issuance comprises USD 300 million 3-year notes due August 2029 at a 5.230% coupon and USD 300 million 5-year notes due August 2031 at a 5.417% coupon. The rating is equalised with India's sovereign rating (BBB-/Stable), reflecting the high likelihood of state support given the Government of India's ~74.8% ownership.

Fitch assigned final 'BBB-' rating to USD 600 million senior unsecured bonds
Tranche 1: USD 300 million, 3-year tenor maturing August 2029 at 5.230% coupon (ISIN: XS3485474533)
Tranche 2: USD 300 million, 5-year tenor maturing August 2031 at 5.417% coupon (ISIN: XS3485474707)
Notes issued through Union Bank's Dubai International Financial Centre (DIFC) branch

💡 Track the bank's overall cost of overseas funding and deployment of USD proceeds into international asset growth during upcoming quarterly results.

Union Bank of India Raises $600 Million via Dual-Tranche Senior Unsecured Notes at DIFC Branch

🟢 POSITIVE ⭐ 6/10

FUNDRAISE 📅 25 Aug 2026, 01:13 AM

Union Bank of India announced the issuance of US$ 600 million Senior Unsecured Dual Tranche Notes through its Dubai International Financial Centre (DIFC) Branch. The issue is split into two equal tranches of US$ 300 million each, with 3-year (due 2029 at 5.230%) and 5-year (due 2031 at 5.417%) maturities. The proceeds will be utilized for funding DIFC branch requirements, business expansion, and general corporate purposes. The notes will be listed on NSE IFSC Limited with expected ratings of BBB/BBB- by S&P and Fitch.

Total issue size of US$ 600,000,000 across two tranches of US$ 300,000,000 each
Tranche 1: 3-year tenure maturing 28 August 2029 at 5.230% semi-annual coupon
Tranche 2: 5-year tenure maturing 28 August 2031 at 5.417% semi-annual coupon
Allotment scheduled for 28 August 2026 with proposed listing on NSE IFSC Limited
Expected international credit ratings of BBB (S&P Global) and BBB- (Fitch)

💡 Track the successful settlement on 28 August 2026 and monitor the deployment of foreign currency funds into overseas asset growth and margin spreads in upcoming quarterly disclosures.

S&P Assigns 'BBB' Rating to Union Bank of India's Proposed US$ Senior Unsecured Notes

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 21 Aug 2026, 05:54 PM

Union Bank of India announced that S&P Global Ratings has assigned a 'BBB' long-term issue rating to its proposed U.S. dollar-denominated senior unsecured notes on August 21, 2026. The notes will be issued through the bank's Dubai International Financial Centre (DIFC) branch. The assigned issue rating is at par with Union Bank's long-term issuer credit rating of 'BBB/Stable/A-2'. Issue quantum and pricing terms were not disclosed in the filing.

S&P Global Ratings assigned a 'BBB' rating to proposed US$ senior unsecured notes on August 21, 2026
Notes are to be issued via the bank's Dubai International Financial Centre (DIFC) branch
The issue rating is equal to Union Bank's long-term issuer credit rating of 'BBB/Stable/A-2'
The notes constitute direct, unconditional, unsubordinated, and senior obligations of the bank

💡 Track subsequent filings for the final issue size, coupon pricing, and settlement date of the proposed foreign currency notes.

S&P Global Assigns 'BBB' Rating to Union Bank's Proposed USD Senior Notes

🟡 NEUTRAL ⭐ 5/10

FUNDRAISE 📅 21 Aug 2026, 05:46 PM

Union Bank of India announced that S&P Global Ratings has assigned a 'BBB' long-term issue rating to proposed U.S. dollar-denominated senior unsecured notes. The notes are to be issued via the bank's Dubai International Financial Centre (DIFC) branch. The assigned rating is equal to Union Bank's long-term issuer credit rating of 'BBB/Stable/A-2'. The total issue size and pricing terms were not disclosed in the filing.

S&P Global Ratings assigned a 'BBB' long-term issue rating on August 21, 2026.
The rating applies to proposed U.S. dollar-denominated senior unsecured notes issued via the DIFC branch.
Rating is equal to Union Bank of India's long-term issuer credit rating of 'BBB/Stable/A-2'.
Notes will constitute direct, unconditional, unsubordinated, unsecured, and senior obligations.

💡 Track the upcoming pricing, total quantum, and coupon rate of the proposed USD senior note issuance, as well as subsequent deployment into international loan books.

Union Bank of India Shares Investor Presentation for Debt Investor Roadshow

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Aug 2026, 11:20 AM

Union Bank of India has filed an investor presentation in connection with its Debt Investor Roadshow organized with Joint Lead Managers Barclays, Citigroup, and Standard Chartered. The presentation provides US dollar-denominated financials (at US$ 1 = ₹94.6626), reporting standalone Q1FY27 Net Interest Income of $1,060 million and PAT of $563 million. Standalone total advances stood at $113.27 billion against deposits of $135.57 billion as of Q1FY27. The filing is a standard regulatory intimation ahead of overseas debt market interactions.

Q1FY27 standalone Profit After Tax reached $563 million versus $435 million in Q1FY26.
Q1FY27 standalone Net Interest Income rose to $1,060 million compared to $963 million in Q1FY26.
Standalone advances reached $113,271 million with deposits at $135,573 million as of Q1FY27.
Roadshow engagement facilitated by Joint Lead Managers Barclays Bank PLC, Citigroup, and Standard Chartered Bank.

💡 Track subsequent regulatory filings for any specific debt or bond issuance terms, issue sizing, or credit rating actions arising from the roadshow.

Union Bank Schedules Virtual Debt Investor Roadshow on August 21, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Aug 2026, 08:03 PM

Union Bank of India has informed stock exchanges that it will be conducting a Debt Investor Roadshow on August 21, 2026, from its Central Office in Mumbai. The interactions will be held in individual and group formats through a virtual platform. The bank confirmed that only publicly available information will be discussed and no unpublished price-sensitive information will be shared.

Debt Investor Roadshow scheduled for August 21, 2026
Meeting mode is virtual for individual and group interactions
Filing made pursuant to Regulation 30 of SEBI Listing Regulations on August 18, 2026
Bank confirms discussion will rely solely on publicly available information

💡 This is a routine disclosure of an upcoming investor interaction. Investors should track any subsequent formal debt issuance announcements or bond pricing details if a fundraise follows.

View All UNIONBANK Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total income (net of interest expense) for H1 FY2026 was INR 28,621 Cr. The loan book is composed of Retail (25.31%), Agriculture (17.87%), MSME (15.64%), and Corporate/Others (41.18%). Business growth was 4.8% over the last 6 quarters, moving from INR 21.08 lakh Cr to INR 22.09 lakh Cr.

Geographic Revenue Split

Not disclosed in available documents, though the bank operates a pan-India network of 8,655 branches as of September 30, 2025.

Profitability Margins

Net Profit for Q2 FY2026 was INR 4,249 Cr, up 3.25% QoQ but down 9.97% YoY. Operating Profit for H1 FY2026 stood at INR 13,723 Cr, a decline of 13.68% YoY. Return on Assets (RoA) was 1.13% in H1 FY2026 compared to 1.25% in FY2025.

EBITDA Margin

Operating Profit as a percentage of Average Total Assets (ATA) moderated to 1.70% in H1 FY2026 from 2.13% in H1 FY2025. Core operating profitability remains healthy but is under pressure due to NIM compression.

Capital Expenditure

The bank raised INR 8,000 Cr via a Qualified Institutional Placement (QIP) in FY2024 to bolster capital cushions. Specific planned CAPEX for infrastructure was not disclosed.

Credit Rating & Borrowing

The bank maintains a strong credit profile with a solvency level of 4.99% as of September 30, 2025. The overall cost of funds was 5.46% in H1 FY2026, which is higher than the Public Sector Bank average of 5.11%.

⚙️ Operational Drivers

Raw Materials

For Union Bank, 'raw materials' are deposits: CASA (32.6% of total deposits) and Term Deposits (67.4% of total deposits).

Import Sources

Not applicable for banking operations; resources are sourced domestically through a network of 8,655 branches.

Key Suppliers

Not applicable for banking operations; the 'suppliers' are the bank's retail and corporate depositors.

Capacity Expansion

Current capacity is 8,655 branches as of September 30, 2025. The bank is focusing on digital transformation and IT as an enabler to capitalize on customer service and staff ease of doing business.

Raw Material Costs

Cost of funds was 5.46% in H1 FY2026. The bank consciously reduced high-cost bulk deposits by 21.85 percentage points to manage interest costs.

Manufacturing Efficiency

Credit-to-Deposit (CD) ratio was 77% as of September 30, 2025, with a target range of 78.5% to 80%.

Logistics & Distribution

Operating expenses for H1 FY2026 were INR 13,684 Cr, up 10.37% YoY from INR 12,399 Cr.

📈 Strategic Growth

Expected Growth Rate

9-10%

Growth Strategy

The bank aims to achieve system-level growth by shifting focus to the RAM (Retail, Agriculture, MSME) sector, targeting a share of 58-59% of the loan book. It is also pivoting from bulk deposits to retail term deposits and CASA to improve margins while maintaining a CD ratio of 78.5% to 80%.

Products & Services

Housing loans (42.29% of retail book), MSME loans, Agriculture loans, Corporate loans, and Savings/Current accounts.

Brand Portfolio

Union Bank of India, Unionites (staff branding).

New Products/Services

Not specifically named, but the bank is focusing on 'granular' sustainable growth in the RAM sector.

Market Expansion

The bank is leveraging its 107-year history and 8,655 branches to maintain its position as a top-five Public Sector Bank.

Market Share & Ranking

Union Bank is one of the top five largest Public Sector Banks in India with total assets of INR 14,90,323 Cr.

🌍 External Factors

Industry Trends

The banking industry is seeing a shift toward digital banking and a transition toward the Expected Credit Loss (ECL) provisioning framework. System loan growth is currently around 11%, while Union Bank is trailing at 6% but aiming to converge by March 2026.

Competitive Landscape

Competes with other large PSBs; currently has a lower CASA ratio (33%) compared to the PSB average (36%).

Competitive Moat

The bank's moat is its extensive physical network of 8,655 branches and a 107-year-old brand heritage, providing a stable, low-cost resource base in rural and semi-urban areas.

Macro Economic Sensitivity

The bank's growth is tied to India's real GDP growth, projected at 6.7% for FY2026.

Consumer Behavior

Increasing shift toward digital banking; the bank is responding by enhancing its digital interface to reduce operating costs.

Geopolitical Risks

Geopolitical uncertainties are cited as a monitorable factor that could impact borrower repayment capacity and asset quality.

⚖️ Regulatory & Governance

Industry Regulations

The bank is preparing for the RBI's implementation of the Expected Credit Loss (ECL) framework, which will impact capital and provisioning requirements.

Environmental Compliance

The bank faces indirect environmental risks through its lending portfolio; it is monitoring climate transition risks for its borrowers.

Taxation Policy Impact

Tax provisions for H1 FY2026 were not explicitly totaled, but Q2 FY2026 saw a tax provision of INR 1,328 Cr.

Legal Contingencies

The bank monitors a 'vulnerable book' including SMA-1, SMA-2, and standard restructured accounts. Specific values for pending court cases were not disclosed.

⚠️ Risk Analysis

Key Uncertainties

The transition to the ECL framework is a major uncertainty for capital position. NIM compression due to rate cuts could impact profitability by 10-15% if spreads are not defended.