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Union Bank of India is the top loser on the PSU Bank index, declining as much as 8% after reporting its December quarter business update, which was the lowest among all lenders who have reported updates so far for the December quarter. You can read more on that here.
Union Bank reported a deposit growth of 3.8% on a year-on-year basis for the December quarter, while advances grew by 5.9% from last year. On a sequential basis, deposits were down 2%, while advances grew by 2.1%.
The other PSU Bank that reported business updates on Friday evening is Bank of Baroda, where deposits grew by 11.8% from last year, while advances grew by a similar quantum at 11.6%. Shares of Bank of Baroda are the second-worst performers on the PSU Bank index, trading with losses of over 4%.
UCO Bank saw deposits grow by 9.4% during the December quarter, while advances increased by 16.2% on a year-on-year basis. The stock is down over 2.5%, but has very little free float in the market.
Bank of India also shared its business updates, where deposits increased by 12.3% from the year-ago quarter, while advances increased by 15.3%. That stock is also down 3.5%.
The PSU Bank index is witnessing its biggest single-day drop since November 13 last year, during which it had declined 3.1%.
