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Fitch Upgrades Union Bank's Viability Rating to 'bb'; Affirms 'BBB-' IDR with Stable Outlook
Fitch Ratings has upgraded Union Bank of India's Viability Rating (VR) to 'bb' from 'bb-', reflecting sustained improvements in asset quality, capitalization, and profitability. The bank's Long-Term Issuer Default Rating (IDR) was affirmed at 'BBB-' with a Stable outlook, which is equalized with the Indian sovereign rating due to a high probability of government support. Financial metrics for 9MFY26 show a healthy Common Equity Tier 1 (CET1) ratio of 15.7% and an improved impaired-loan ratio of 3.1%. The upgrade underscores the bank's better risk oversight and reduced corporate loan risks.
Key Highlights
Viability Rating (VR) upgraded to 'bb' from 'bb-' due to improved financial profile and risk management.
Impaired-loan ratio improved to 3.1% in 9MFY26 from 3.6% in FY25, with a specific loan-loss cover of 84%.
Capital buffers remain strong with a CET1 ratio of 15.7%, significantly above the 10% threshold for its rating category.
Operating profit to risk-weighted assets (RWA) ratio maintained at a healthy 3.1% for 9MFY26.
Affirmed Long-Term IDR at 'BBB-' and Government Support Rating at 'bbb-' reflecting its status as India's 5th largest state bank.
💼 Action for Investors
The upgrade in intrinsic viability rating is a positive signal for long-term investors, indicating the bank is becoming less dependent on sovereign support for its credit profile. Maintain a positive outlook as the bank continues to strengthen its balance sheet and asset quality metrics.
Union Bank of India assigned 'CareEdge - ESG 1+' rating with a score of 81.3
Union Bank of India has been assigned a top-tier ESG rating of 'CareEdge - ESG 1+' with a score of 81.3, indicating a leadership position in managing ESG risks. The bank's social score of 84.2 significantly outperforms the industry median of 73.3, driven by a 98%+ consumer complaint resolution rate and high workforce inclusion. While environmental scores are moderated by emission intensities, the bank has committed to Net Zero by 2035 and is the first major Indian bank to join PCAF for financed emissions measurement. This rating enhances the bank's appeal to institutional and ESG-focused investors.
Key Highlights
Assigned 'CareEdge - ESG 1+' rating with a score of 81.3, reflecting leadership in ESG risk management.
Social pillar score of 84.2 exceeds industry median of 73.3, supported by a 96.10 customer satisfaction (CSAT) score.
Differently-abled employees constitute 3.57% of the workforce, significantly above the industry median of 0.35%.
First major Indian bank to join the Partnership for Carbon Accounting Financials (PCAF) with a Net-Zero target by 2035.
Governance score of 82.3 backed by ISO 27001 certification and a zero data breach record in FY25.
💼 Action for Investors
Investors should view this as a positive indicator of the bank's long-term governance and risk management standards, which may attract higher institutional inflows from ESG-mandated funds. The bank's leadership in social and governance metrics provides a competitive edge in operational resilience.
Union Bank Appoints Dhirendra Jain as CFO; Avinash Prabhu Resigns Effective Feb 1, 2026
Union Bank of India has announced the resignation of CA Avinash Vasant Prabhu from the position of Chief Financial Officer, effective January 31, 2026. To ensure a smooth transition, the bank has appointed CA Dhirendra Jain as the new CFO starting February 1, 2026. Mr. Jain is an internal veteran with over 28 years of experience and currently serves as the General Manager of Finance and Accounts. The outgoing CFO, Mr. Prabhu, cited personal reasons for his departure after a tenure of more than two years.
Key Highlights
CA Dhirendra Jain appointed as Chief Financial Officer effective February 1, 2026
Outgoing CFO CA Avinash Vasant Prabhu resigned for personal reasons after a 2-year tenure
New CFO Dhirendra Jain brings over 28 years of experience in banking, credit, and finance
Board meeting for the transition approval concluded at 8:10 P.M. on January 28, 2026
The successor is currently the General Manager of Finance and Accounts at the bank
💼 Action for Investors
Investors should view this as a routine management transition. Since the new CFO is an internal candidate with significant experience, no major disruption in financial strategy is expected.
Union Bank Appoints CA Dhirendra Jain as CFO Effective February 1, 2026
Union Bank of India has announced the appointment of CA Dhirendra Jain as the new Chief Financial Officer, effective February 1, 2026. He replaces CA Avinash Vasant Prabhu, who resigned for personal reasons after serving more than two years with the bank. Mr. Jain is an internal candidate with over 28 years of experience, currently serving as General Manager of Finance and Accounts. This transition follows a board meeting held on January 28, 2026, to ensure a smooth leadership handover.
Key Highlights
CA Dhirendra Jain appointed as CFO effective February 1, 2026
Outgoing CFO CA Avinash Vasant Prabhu to be relieved on January 31, 2026
New CFO brings over 28 years of experience in finance and banking operations
Mr. Jain has previously held roles as General Manager, Regional Head, and Zonal Head within the bank
The appointment follows a board meeting concluded at 08:10 P.M. on January 28, 2026
💼 Action for Investors
As this is an internal promotion of a seasoned professional, investors should expect continuity in financial management. No immediate action is required, but watch for any strategic shifts in the bank's financial reporting in subsequent quarters.
Union Bank Q3 FY26: Net Profit at ₹5,017 Cr; Advances Cross ₹10 Lakh Cr Milestone
Union Bank of India reported a strong net profit of ₹5,017 crore for Q3 FY26, driven by a record Return on Assets (RoA) of 1.35%. The bank achieved a major milestone as gross advances crossed ₹10 lakh crore, supported by 21.67% growth in retail and 19.75% in agriculture segments. Despite a 125 bps repo rate cut over the past year, the bank stabilized its NIM at 2.76% by shedding approximately ₹40,000 crore in high-cost bulk deposits. Asset quality remains robust with a Provision Coverage Ratio (PCR) exceeding 95% and a high-quality corporate book where 95% of exposures are rated A or above.
Key Highlights
Net profit reached ₹5,017 crore for the quarter with interest income at ₹26,443 crore.
Gross advances crossed the ₹10 lakh crore milestone, growing 7.13% year-on-year.
CASA ratio improved by 140 basis points quarter-on-quarter due to strategic shedding of bulk deposits.
Asset quality remains strong with PCR over 95% and SMA2 (above ₹5cr) at a low of ₹4,285 crore.
RAM (Retail, Agri, MSME) segment showed robust growth, particularly Retail at 21.67% and Agri at 19.75%.
💼 Action for Investors
Investors should take note of the bank's record RoA and successful crossing of the ₹10 lakh crore advances mark as signs of strengthening fundamentals. The proactive management of the liability side to protect NIMs despite interest rate headwinds makes it a strong contender in the PSU banking space.
Union Bank of India Reaffirms 'AAA' Issuer Rating; AT-1 Bonds at 'AA+'
India Ratings and Research has reaffirmed Union Bank of India's issuer rating at 'AAA' with a stable outlook, indicating the highest level of creditworthiness. The bank's Tier-2 bonds also maintained their 'AAA' rating, while Additional Tier-1 (AT-1) bonds were reaffirmed at 'AA+'. Notably, the bank exercised call options on three specific bond instruments, leading to the withdrawal of those specific ratings. This reaffirmation underscores the bank's stable financial position and robust capital structure.
Key Highlights
Issuer Rating reaffirmed at 'AAA' with a Stable outlook by India Ratings and Research.
Tier-2 bonds maintained the highest 'AAA' rating, reflecting very low credit risk.
Additional Tier-1 (AT-1) bonds reaffirmed at 'AA+' across multiple series.
Ratings for three bond instruments (INE692A08110, INE692A08128, INE112A08094) withdrawn after call options were exercised.
Short-term Certificate of Deposits affirmed at the highest 'A1+' rating.
💼 Action for Investors
The reaffirmation of top-tier credit ratings confirms the bank's strong balance sheet and lower risk profile. Investors can remain confident in the bank's stability, though they should continue to monitor quarterly NPA trends.
Union Bank Q3 FY26 Net Profit Rises 9% YoY to ₹5,017 Cr; NNPA Drops to 0.51%
Union Bank of India reported a steady Q3 FY26 with net profit growing 8.97% YoY to ₹5,017 crore, supported by a significant reduction in provisions which fell 33.34% YoY. Asset quality showed marked improvement as the GNPA ratio declined to 3.06% and NNPA reached a low of 0.51%. While Net Interest Income (NII) grew marginally by 0.95% YoY to ₹9,328 crore, the bank maintained a healthy Return on Assets (RoA) of 1.35%. Credit growth was led by the RAM (Retail, Agri, MSME) segment which expanded 11.50% YoY.
Key Highlights
Net Profit increased 8.97% YoY to ₹5,017 crore with a Return on Equity (RoE) of 17.09%.
Asset quality improved significantly with GNPA at 3.06% (down 79 bps YoY) and NNPA at 0.51% (down 31 bps YoY).
RAM advances grew by 11.50% YoY to ₹5,77,038 crore, now comprising 57% of the total domestic credit mix.
Provision Coverage Ratio (PCR) remains high at 95.13%, while credit cost improved to a low of 0.09%.
Capital Adequacy Ratio (CRAR) stands strong at 16.49% with CET-1 at 13.94%.
💼 Action for Investors
Investors should take confidence in the bank's superior asset quality and robust provision coverage, which provides a strong buffer against future slippages. Monitor the modest deposit growth (3.36% YoY) and NII margins in upcoming quarters to assess long-term profitability sustainability.
Union Bank Q3 FY26 Net Profit Jumps 18% QoQ to ₹5,017 Cr; Asset Quality Strengthens
Union Bank of India delivered a robust performance in Q3 FY26, with net profit rising 18.07% QoQ to ₹5,017 crores. The bank's asset quality improved significantly, with Gross NPA dropping to 3.06% and Net NPA to 0.51%. Business growth was led by the RAM (Retail, Agri, MSME) segment, which grew 11.50% YoY, specifically supported by a 21.67% increase in retail advances. Profitability metrics like RoA and RoE improved to 1.35% and 17.09% respectively, while NIM expanded to 2.76%.
Key Highlights
Net Profit grew 18.07% QoQ to ₹5,017 crores, supported by a 5.85% QoQ increase in Net Interest Income to ₹9,328 crores.
Asset quality improved with Gross NPA at 3.06% (down 79 bps YoY) and Net NPA at 0.51% (down 31 bps YoY).
Total advances grew 7.13% YoY to ₹10.17 lakh crores, driven by 21.67% growth in the Retail segment.
Capital Adequacy Ratio (CRAR) stood at 16.49% with a CET-1 ratio of 13.94% as of December 31, 2025.
Return on Assets (RoA) improved to 1.35% from 1.16% in the previous quarter, while NIM expanded by 9 bps QoQ to 2.76%.
💼 Action for Investors
The bank's focus on high-yield RAM segments and significantly improving asset quality makes it a strong performer among PSU banks. Investors should maintain a positive outlook while monitoring the sustainability of NIM expansion in a competitive deposit environment.
Union Bank Q3 FY26 Standalone Net Profit Rises 9% YoY to ₹5,017 Cr; Asset Quality Improves
Union Bank of India reported a steady performance for the quarter ended December 31, 2025, with standalone net profit growing 8.97% YoY to ₹5,016.77 crore. The bank's asset quality showed significant improvement, with Gross NPA dropping to 3.33% from 4.38% a year ago, and Net NPA reaching a low of 0.51%. Total standalone income for the quarter stood at ₹30,984 crore, while interest earned grew to ₹26,543 crore. Capital adequacy remains robust at 17.07%, providing a strong cushion for future growth.
Key Highlights
Standalone Net Profit increased to ₹5,016.77 Cr in Q3 FY26 compared to ₹4,603.63 Cr in Q3 FY25.
Gross NPA ratio improved significantly to 3.33% from 4.38% YoY.
Net NPA ratio declined to 0.51% from 0.98% in the same period last year.
Capital Adequacy Ratio (CRAR) stood at 17.07% with a CET-1 ratio of 14.13%.
Consolidated Net Profit for the quarter reached ₹5,072.69 Cr, up from ₹4,623.03 Cr YoY.
💼 Action for Investors
Investors should view the consistent improvement in asset quality and stable profit growth as a positive sign for the bank's valuation. Long-term investors may continue to hold, monitoring the Net Interest Margin (NIM) trends in upcoming quarters.
Union Bank of India Credit Ratings Reaffirmed; Tier II Bonds Withdrawn
CRISIL Ratings has reaffirmed the ratings on Union Bank of India's debt instruments, with ratings of 'Crisil AAA/Stable' and 'Crisil AA+/Stable' assigned to various Tier I and Tier II bonds. The rating agency has also withdrawn its rating on ₹1000 crore of Tier II Bonds, as these instruments are fully redeemed. Union Bank's gross NPAs decreased to 3.3% as of September 30, 2025, from 3.6% as of March 31, 2025. The bank's CAR stood at 17.1% as on September 30, 2025.
Key Highlights
CRISIL reaffirms 'Crisil AAA/Stable' rating for Tier II Bonds aggregating ₹1750 Crore.
CRISIL reaffirms 'Crisil AA+/Stable' rating for Tier I Bonds aggregating ₹7100 Crore.
Rating withdrawn for ₹1000 crore of Tier II Bonds.
Gross NPAs reduced to 3.3% as of September 30, 2025.
Capital Adequacy Ratio (CAR) at 17.1% as on September 30, 2025.
💼 Action for Investors
Investors should note the reaffirmed credit ratings and monitor the bank's asset quality and capital adequacy. The withdrawal of rating for Tier II bonds is due to redemption and does not impact the bank's overall credit profile.