City Union Bank Q1 up 31% at Rs 58 cr

Private sector lender City Union Bank today reported a 31.86% jump in its Profit After Tax (PAT) to Rs 58.51 crore for the first quarter ending June 30, 2011.

The Kumbakonam-based bank reported a PAT of Rs 44.37 crore during the same period of the previous year, City Union Bank Managing Director and Chief Executive N Kamakodi, said.

The total income of the bank for the first quarter ending Jun 30, 2011 grew to Rs 417.02 crore from Rs 299.34 crore during the same period of previous year, an increase of 39.30%, he told reporters here.

The operating profit of the bank grew by 35.31% to Rs 106.36 crore registered from Rs 78.60 crore for the April-June quarter, 2010.

The total deposits of the bank increased by 28.40% to Rs 13,624 crore as on June 30, 2011 from Rs 10,610 crore last fiscal.

The gross advances went up by 33.02% to Rs 9,591 crore from Rs 7,210 crore in the corresponding period an year ago, he said.

The bank's current total business stood at Rs 23,414 crore, which Kamakodi said was expected to cross Rs 30,000 crore by March 31, 2012.

The net interest income of the bank for the quarter grew by 30.23% to Rs 120.04 crore from Rs 92.17 crore reported during the same period of last year.