Industry

City Union Bank Q4 net profit surges 88% to ₹209 crore


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Private sector lender City Union Bank has reported an 88% growth in its standalone net profit for the fourth quarter that ended March to ₹209 crore over the year-earlier period.

Total income rose to ₹1,253 crore from ₹1,135 crore. Net interest income rose to ₹501 crore from ₹429 crore, it said in a regulatory filing.

Net interest margin increased to 4.01% from 3.72%, the bank said in a presentation.

Gross non-performing assets declined to 4.70% from 5.11% and net NPA to 2.95% from 2.97%. Provisions rose to ₹231 crore from ₹188 crore.

The bank reported total business of ₹88,846 crore against ₹81,558 crore for FY22. CASA deposits increased by 20% to ₹15,529 crore and it represented 33% to total deposits.

In the last few quarters, CUB focused more on gold loans which increased by 38% to ₹9,003 crore and it accounted for 22% of gross advances.

The board has declared a dividend of ₹1 per share.

During the period under review, total income rose to ₹1,253 crore from ₹1,135 crore. Net interest income rose to ₹501 crore from ₹429 crore, it said in a regulatory filing.

Net interest margin increased to 4.01% from 3.72%, the bank said in a presentation.

Gross non-performing assets declined to 4.70% from 5.11% and net NPA to 2.95% from 2.97%. The provision coverage ratio stood at 64%.

The bank reported total business of ₹88,845 crore in FY22 against ₹81,557 crore in the year-earlier period. CASA deposits increased by 20% to ₹15,529 crore and it represented 33% of the total deposits.


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Printable version | Jun 9, 2022 4:50:09 pm | https://www.thehindu.com/business/Industry/city-union-bank-q4-net-profit-surges-88-to-209-crore/article65466832.ece