Transforming to deliver optimal returns
Union Bank demonstrated a clear and sustainable path to growth over the course of FY2022, delivering a Return on Average Assets (ROAA) of 0.47 in FY2022, a marked improvement over an ROAA of 0.27 in FY2021. We will continue to develop the diversified business model that we have established, investing in advanced technology and digital capabilities in our consumer businesses, delivering sustainable growth across our domestic and global operations, and play a meaningful part in aiding the transition to a low-carbon economy.
Key Strategy:
Delivering the next-generation, digitised consumer financial services
The COVID-19 pandemic inevitably brought challenges for our consumer-facing businesses. It also accelerated several existing customer and client behaviour trends that we have seen continue during 2021 and well into 2022, in terms of our clients not requiring a physical branch visit or in-person engagement. A continued significant shift toward digital adoption and demand for digital financial services to meet day-today needs has accelerated our digital agenda and focused on creating new business models built around digital customer and client engagement.
ESG Impact
Capture opportunities as we transition to a low-carbon economy
Our approach to environmental and social issues is becoming increasingly integrated in the work we do across our business and is subject to the governance and oversight of our management and Board structures. From a customer and client point of view, we support our customers and clients execute their sustainability strategies, including de-carbonising their business models. For Union Bank of India, support for customers and clients will include advising clients as they adapt their business models to make them more sustainable; and using our expertise to help build low-carbon energy capacity, through facilitating green finance. Progress will continue to be made in the coming months and beyond. We intend to identify, accelerate and promote the development of climate and sustainable finance growth opportunities for the benefit of our customers and clients across all our businesses, products and services.