City Union Bank has posted a growth of 17 per cent in net profit at Rs 144.75 crore during the quarter ending on September 30, 2017. Last year, the bank’s net profit stood at Rs 123.74 crore during the same quarter.
Total income grew 11.3 per cent to Rs 996.12 crore, as compared to Rs 894.86 crore during the September quarter last year.
Meanwhile, its gross NPA increased to Rs 780.39 crore, which is 3.07 per cent of gross advances, as against Rs 597.97 crore or 2.69 per cent during the same quarter in the previous year. Net NPA grew to Rs 440.97 crore or 1.76 per cent, as compared to Rs 358.60 crore or 1.63 per cent during the corresponding quarter in 2016.
Commenting on the quarterly performance, N Kamakodi, managing director and chief executive officer of CUB, said the increase in the bank's net interest income and growth in advances has helped it to post a sizeable profit.
The bank is expecting an overall growth of 15-18 per cent during the current financial year.