City Union Bank reports 88% rise in net profit, proposes Rs 1 dividend

Private sector lender reported 88.3% rise in net profit at Rs 209 crore in the fourth quarter to March 31 against Rs 111 crore in the year ago period, riding on higher total income and lower provisions.

The bank's total income grew 10.4% at Rs 1253 crore compared with Rs 1135 crore. Provision was 32.4% lower at Rs 171 crore against Rs 253 crore.

Its asset quality improved with gross non-performing assets being at 4.7% at the end of March against 5.1% a year back. Net NPA was almost flat at 2.95% against 2.97%.

The bank's operating profit grew 47.2% at Rs 440 crore against Rs 299 crore over the same period.

The bank proposed Rs 1 dividend per equity share, i.e, 100% on face value of Rs 1 per equity share.