ICRA reaffirms its ratings on Union Bank of India's tier-2, infra bonds, CD
This story was originally published at 12:29 IST on 27 March 2026
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MUMBAI – ICRA Ratings Ltd. Thursday reaffirmed the "AAA" rating for Union Bank of India's five tier-2 bonds amounting to INR 52 billion and infrastructure bonds amounting to INR 100 billion with "stable" outlook, the bank said in an exchange filing Friday. The rating agency also reaffirmed the "A1+" rating for certificates of deposit issued by Union Bank while increasing the amount of rated CD to INR 450 billion from INR 350 billion.
The rating is based on Union Bank's strong capital levels, ICRA said in a press release. "Union Bank's capital cushions remain comfortably above the regulatory levels, led by internal accruals and the previous capital raise via a qualified institutional placement (QIP) of Rs. 8,000 crore (INR 80 billion) in FY2024," the agency said in the release.
For the December quarter, Union Bank of India had reported a net profit of INR 50.17 billion and a total income of INR 309.84 billion. At 1116 IST, its shares were down over 3% at INR 174.14 on the National Stock Exchange. End
Reported by Suryash Kumar
Edited by Rajeev Pai
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