City Union Bank Q1 net grows 12% to Rs 111 cr

Total income grew by 7.6% during the quarter at Rs 811 cr

Kumbakonam-based City Union Bank (CUB) posted 12.1 per cent growth in net profit to Rs 111.6 crore during the quarter ended June, compared with net profit of Rs 99.5 crore during the corresponding period last year.

The total income grew 7.6 per cent at Rs 811 crore during the quarter, compared with Rs 754 crore during the corresponding period last year.

The gross non-performing assets (NPA) for the quarter was at Rs 359 crore (nearly two per cent of the gross advances), compared with Rs 336 crore (about 1.9 per cent) during the previous quarter and Rs 308 crore (1.9 per cent) during the corresponding quarter in the previous financial year.

Net NPAs stood at Rs 234 crore (1.3 per cent) during the quarter ended June 30, against Rs 233 crore (1.30 per cent) in the previous quarter and Rs 204 crore (1.28 per cent) during the corresponding quarter of last year. Slippage during the quarter ended June 30, was around Rs 72 crore.

The bank plans to expand presence from 481 branches to 500 branches by the end of 2015, said N Kamakodi, danaging director and chief executive officer of CUB.