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Updated: February 8, 2013 23:20 IST

CUB Q3 profit up 18 %

Special Correspondent
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N. Kamakodi
N. Kamakodi

City Union Bank has recorded good growth in all operational parameters in the third quarter ended December 31, 2012 with the gross profit rising by 25.15 per cent to Rs. 131.32 crore from Rs. 104.93 crore in the same period in the previous year. The net profit after tax rose by 18 per cent to RS. 85.22 crore (Rs. 72.23 crore). Addressing presspersons here on Friday, N. Kamakodi, Managing Director and CEO, said the total income rose by 27 per cent to Rs. 621.46 crore from Rs. 489.33 crore.

The net interest income was higher by 33 per cent to Rs. 163.43 crore from Rs. 122.83 crore. The net interest margin for the quarter stood at 3.45 per cent. Total business of the bank rose by 26.9 per cent to Rs. 33,556 crore from Rs. 26,439 crore. While deposits registered a growth of 23.6 per cent to Rs. 19,044 crore from Rs. 15,412 crore, advances were higher by 31.6 per cent to Rs. 14,512 crore from Rs. 11,027 crore. Mr. Kamakodi said both term deposits and savings account deposits contributed equally to the growth in deposits. However, there was a rise in net non-performing assets to Rs. 91.43 crore during the quarter ended December 31, 2012 from Rs. 56.07 crore in the year-ago period with contributions from smaller accounts, Mr. Kamakodi said. The net NPA ratio was 0.63 per cent as on December 31, 2012 against 0.51 per cent as on December 31, 2011. The provision coverage ratio was better at 69.82 per cent. The capital adequacy ratio was 12.39 per cent as on December 31, 2012.

Mr. Kamakodi said the recent rights issue for Rs. 258 crore evoked good response. The bank, which has 336 branches at present, was systematically expanding its branch network, Mr. Kamakodi said.

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