About this
Report
The Integrated Annual Report covers the period Financial Year 2022-2023 unless otherwise noted. The Union Bank of India Integrated Annual Report FY2023 was approved by the Board of Directors on 20th June 2023 and signed on its behalf by the Chairman.
Union Bank of India’s FY2023 Integrated Annual Report aims to provide transparency into how we activate our purpose: to improve the lives of our customers and the well¬being of our communities.
The report for FY2023 is our first Integrated Annual Report, and we have produced it in reference to the International Integrated Reporting Council (IIRC),London guidelines. In addition, we have attempted to comply with Global Reporting Initiative Standards’ core option, which includes general disclosures as well as topic specific disclosures relevant to Union Bank of India.
Chairman’s Message
Dear Shareholders,
It gives me great pleasure to present our inaugural Integrated Annual Report, a significant stride forward in our commitment to transparency and sustainability. This report details the Bank’s financial data as well as our social, environmental and governance initiatives. It, thereby, provides a holistic picture of our contribution to the financial services landscape, to our society and environment. Our move towards Integrated Reporting reflects our determination to embed ESG practices into our core business strategies, ensuring we create lasting value not just for our shareholders, but also for our customers, employees, communities, and environment. Your continued trust inspires our pursuit of responsible banking and inclusive growth.
Managing Director’s Message
Dear Esteemed Shareholders,
I am delighted to present to you an overview of Bank’s accomplishments and financial performance for the fiscal year 2022-23. In the face of significant global challenges, the fiscal year has proven to be a season of opportunities for both the Indian economy and the banking sector at large. The Bank’s resilience, adaptability, and commitment to core values have been instrumental in shaping Union Bank of India into a stronger and more robust entity, mirroring the overall upswing in the banking sector
We are pleased to announce attaining a global business figure of ₹ 19.28 trillion, which includes ₹ 11.18 trillion in deposits and ₹ 8.10 trillion in advances.
FY2022-23 Highlights
Manufactured & Financial Capitals
Corporate and Economic
Profile
About the Bank
We are the first large public sector bank in the country to have implemented 100% core banking solution. The Bank has received several awards and recognition for its prowess in technology, digital banking, financial inclusion, MSME and development of human resources.
Deciphering Market Dynamics
Responding responsibly for Sustainability Success
We are the first large public sector bank in the country to have implemented 100% core banking solution. The Bank has received several awards and recognition for its prowess in technology, digital banking, financial inclusion, MSME and development of human resources.
The Indian banking sector is broadly categorized into scheduled and non-scheduled banks. The scheduled banks are further divided into commercial banks and cooperative banks.
Strategy Blueprint
Committed to Environmental Stewardship, Powered by Digital Innovation
Union Bank of India leverages digital innovation for sustainable growth. We’re driving towards net-zero emissions by 2050 while empowering customers with digitized, informed financial decisions.
In light of the evolving banking landscape, Union Bank of India remains steadfast in its commitment to pioneering digital excellence while catalysing India’s march towards sustainable growth.
Our Dynamic
Business Model
Our Operating Canvas
As Union Bank of India, a public sector bank, we elegantly balance our commercial objectives with social and sustainable aspirations. Here is a glimpse into our business model using the standard Business Model Canvas as developed by Alexander Osterwalder and Yves Pigneur. As an agile bank, this framework is dynamic and continually adapts to changes in regulatory, economic, and technological environments.
Materiality Assessment
Stakeholder Engagement
In FY2023, Union Bank of India embarked on an extensive Materiality Analysis Survey to guide the strategic priorities outlined in this annual report. This analysis provided a comprehensive internal and external perspective on the bank’s material issues, spanning the breadth of our economic, environmental, and social impact. By undertaking this process, we were able to identify and underscore the topics of utmost relevance to our diverse group of stakeholders and to the organization’s sustainable growth.