Union Bank of India to Raise Rs 20,000 Cr for Infrastructure

Mumbai, Jan 29 (PTI) Union Bank of India on Wednesday said it plans to raise long-term bonds worth up to Rs 20,000 crore to finance infrastructure and affordable housing.

The public sector lender also plans to issue green/sustainable bonds of up to Rs 5,000 crore, it said, announcing the outcome of the meeting of its Board of Directors.

On Monday, the bank reported a 28 per cent increase in net profit to Rs 4,604 crore for the third quarter ended December 2024, helped by improved core income.

The Mumbai-based bank had earned a net profit of Rs 3,590 crore in the same quarter a year ago.

Its total income rose to Rs 31,375 crore in the reporting quarter from Rs 29,137 crore a year ago, Union Bank of India said in a regulatory filing.