City Union Bank posts 15 per cent growth in net profit to Rs 180 crore in September quarter

The bank logged growth in profit despite total income showing a slight decline.

Published: 13th November 2021 04:11 AM  |   Last Updated: 13th November 2021 09:58 AM   |  A+A A-

Bank, Banks

For representational purposes (Photo | PTI)

By Express News Service

NEW DELHI:  Tamil Nadu-based City Union Bank has posted a 15% increase in net profit to Rs 182 crore in the quarter ended September 2021 compared to Rs 157 crore in the same quarter last year. 

The bank logged growth in profit despite total income showing a slight decline.

MD and CEO N Kamakodi

Total income during the quarter was Rs 1,225 crore compared to Rs 1230 crore in the same quarter last year.

Net interest income also witnessed a marginal fall of Rs 38 crore to Rs 1,022 crore. Non-interest income increased 20% to Rs 203 crore.

The bank managed to keep its interest income 7% lower at Rs 544 crore during the second quarter in 2021-22 compared to Rs 586 crore in the same quarter last year.

Net Interest Margin stood at 4.03% at the end of the quarter.

However, the bank witnessed worsened asset quality during the quarter as gross NPAs rose 214 basis points year-on-year to 5.58% and net NPA almost doubled to 3.5%.

Advances grew by 7% from Rs 35,437 crore to Rs 38,012 crore, while Deposits increased by 12% from Rs 41,021 crore to Rs 46,316 crore. 

CASA deposits increased by 26% from Rs 10,645 crore to Rs 13,411 crore and the CASA ratio stood at 29% to total deposits.

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