City Union Bank Ltd. (CUB) has posted a 17% increase in its standalone net interest income at ₹311 crore for the fourth quarter ended March 31, 2017
It reported,net interest income of ₹264 crore in the year-earlier period.Net profit rose 15% to ₹129 crore(₹112 crore).
“It is a stable and decent performance of the bank both on growth and efficiency parameters,” said N. Kamakodi, managing director and CEO, CUB.
“We expected to end the fiscal 2016-17 with 15% to 17% growth. However, we closed it with double digit (13%) growth, while the industry posted single digit growth. Till September, we were posting 16% growth. But, we witnessed a degrowth in the third quarter due to demonetisation,” he said. The board declared a dividend of 30% for the year ended March 31, 2017. The bank also decided to issue bonus shares.
Mr. Kamakodi also announced three new initiatives -- CUB Easy, wherein savings bank account can be opened without visiting the bank. The customer had to download mobile app; Ask Lakhsmi, a chatbot facility that enables the customers to get information on CUB’s products and services; and CUB Tracker which provides information to customer on the way money is being spent from their accounts.
