Union Bank of India has posted double-digit growth on the advances as well as the deposits front for the fiscal third quarter ended December 2023.

The state-run lender’s total loan book grew 11.44% year-on-year to Rs 8.96 trillion as of 31 December 2023. The quarter-on-quarter growth was at 5.76%.

Domestic advances rose 10.69% YoY to Rs 8.67 trillion for the December quarter. The QoQ growth was at 5.51%.

The bank reported a 10.09% YoY growth in total deposits to Rs 11.72 trillion for the quarter ended 31 December 2023. The QoQ growth was at 3.06%, the bank said in its quarter-end business update.

Domestic deposits rose 8.54% YoY to Rs 11.54 trillion. The QoQ growth was 3.05%.

Domestic CASA (current account savings account) deposits declined to 34.39% of the bank’s total domestic deposits, from 35.34% a year ago.

Domestic RAM (retail, agriculture and MSME) advances grew 13.84% YoY and 4.31% QoQ to Rs 4.88 trillion.

The RAM proportion increased to 56.27% of domestic advances compared to 54.71% a year ago.

The bank’s total business crossed Rs 20.68 trillion, up 10.67% from the year-ago period and 4.21% a quarter ago.