Private sector lender City Union Bank Ltd. reported a 15.2% increase in standalone first-quarter profit at ₹161.65 crore, from ₹140.32 crore, a year earlier, on lower provisions and stable asset quality.
Net interest income grew 9.5% to ₹375 crore from ₹342 crore in same quarter last fiscal. Other income, pertaining to non-fund based banking activities, fell 4.6% to ₹129.11 crore from ₹135.33 crore.
Gross non-performing assets (NPAs) as a percentage of gross advances were lower at 3.02% for the quarter against 3.03% in the previous quarter, while net NPA stood at 1.70% against 1.79%.
During the first quarter, one account had slipped to NPA to the tune of ₹10 lakh, a bank official said during the investor presentation.
Provisions for bad loans declined to ₹77.76 crore from ₹116.64 crore. The provision coverage ratio was 65%.
During the period, deposits increased by 10% and advances by 17%, while total business grew by 13%.