Union Bank of India shares fall 7% after weakest business update so far amongst all lenders

Shares of state-run Union Bank of India fell as much as 7% on Monday, January 6, after releasing its December quarter business update earlier.

Union Bank's deposits for the quarter increased by 3.8% on a year-on-year basis, but declined by 2% when compared to the September quarter.

Advances growth during the quarter also stood at 5.9% from last year to ₹9.49 lakh crore. On a sequential basis, that number grew by 2.2%.

Union Bank's total business (global) fell 0.24% quarter-on-quarter but rose 4.7% year-on-year at ₹21.65 lakh crore.

Total deposits (global) were down 2.04% quarter-on-quarter and were up 3.76% at ₹12.16 lakh crore.

The lender's global gross advances rose 2.18% quarter-on-quarter and were up 5.93% year-on-year at ₹9.49 lakh crore.

Domestic CASA deposits were down 0.23% quarter-on-quarter and down 0.44% year-on-year at ₹3.95 lakh crore.

Domestic Advances rose 2.06% quarter-on-quarter and 5.33% year-on-year at ₹9.13 lakh crore.

Shares of Union Bank of India are currently trading 6.7% lower on Monday at ₹115.67.