Union Bank of India is expecting the profitability of the bank to be impacted in the first two quarters of the current fiscal due to slowdown in economy caused by the nation-wide lockdown imposed to contain the spread of COVID-19 pandemic. However, profitability is likely to improve in the second half of the current fiscal subject to restoration of normal economic activity.
Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections. Its segments include treasury operations, corporate & wholesale banking, retail banking and other banking operations.
