Union Bank of India to Boost Infrastructure with Massive Bond Issuance

Union Bank of India plans to raise up to Rs 20,000 crore in long-term bonds for infrastructure and affordable housing. Additionally, the bank will issue up to Rs 5,000 crore in green bonds. The bank reported a 28% profit increase, driven by improved core income.

Union Bank of India announced its intention to enhance its focus on infrastructure and affordable housing by raising up to Rs 20,000 crore through long-term bonds.

The public sector bank also revealed plans to issue green and sustainable bonds worth up to Rs 5,000 crore. This was shared following a Board of Directors' meeting.

On Monday, the bank reported a 28% increase in net profit to Rs 4,604 crore for the third quarter, driven by improved core income. This is a significant rise from the Rs 3,590 crore profit in the same quarter last year. Total income increased to Rs 31,375 crore from Rs 29,137 crore a year ago, as detailed in their regulatory filing.

(With inputs from agencies.)