Union Bank of India: CRISIL Reaffirms Ratings on Debt Instruments at AA+ and AAA
CRISIL Ratings has reaffirmed Union Bank of India's debt instrument ratings at AA+ and AAA with a stable outlook. ₹1000 crore of Tier II bonds were withdrawn due to full redemption. The ratings reflect expected government support, adequate capital (CAR at 17.1% as of Sept 30, 2025), and operational scale. GNPA improved to 3.3% by Sept 30, 2025.
The reaffirmation of credit ratings is a routine event for a listed entity and generally has a moderate impact on investor sentiment and borrowing costs.
The credit ratings have been reaffirmed with a stable outlook, indicating a positive assessment of the bank's financial health and prospects.
CRISIL Ratings has reaffirmed its ratings on the debt instruments of Union Bank of India (Union Bank) at ‘CRISIL AAA/CRISIL AA+/Stable’.
CRISIL Ratings has also withdrawn its rating on ₹1000 crore of Tier II Bonds (under Basel III) as these instruments have been fully redeemed. The reaffirmed ratings for Additional Tier-1 Bonds (under Basel III) are AA+ Stable, while the ratings for Tier-II Bonds (under Basel III) are AAA Stable.
The ratings factor in the expectation of strong support from the Government of India, the bank's adequate capital position, and sizable scale of operations. These strengths are partially offset by the bank's average, though gradually improving, asset quality and profitability.
The bank's Gross Non-Performing Assets (GNPA) reduced to 3.3% as of September 30, 2025, from 3.6% on March 31, 2025. The Return on Assets (RoA) increased to 1.1% for the first half of fiscal 2026 (annualized). The bank's capital adequacy ratio (CAR) improved to 17.1% as of September 30, 2025. Union Bank is among the larger Public Sector Banks with approximately 4% share in domestic deposits and advances.
Key financial indicators show a consolidated profit after tax (PAT) of ₹8,419 crore for the first six months of fiscal 2026, with an RoA of 1.1%. The bank's overall CAR remained stable at 17.1% as of September 30, 2025. Gross NPAs stood at 3.3% as of September 30, 2025.
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