City Union Bank's net profit jumps 40%
Bank's total income rises 37% to Rs 537.31 crore from Rs 391.09 crore
City Union Bank has reported a 40% growth in net profit during the quarter ended March 31, 2012 at Rs 71.98 crore as against Rs 51.39 crore, a year ago.
Bank's total income rose to Rs 537.31 crore from Rs 391.09 crore, an increase of around 37%.
Interest earned by the Bank rose to Rs 476.10 crore from Rs 346.07 crore, an increase of around 37%.
Gross NPA rose to Rs 123.54 crore from Rs 112.47 crore, an increase of around nine%. While NPA dropped to 0.44% from 0.52%.
Bank' board has recommended dividend of 100% (i.e. Re 1 a share on the face value of Re 1 each) for 2011-12, subject to members approval in the upcoming annual general meeting.
N Kamakodi, MD and CEO, CUB said: "In a difficult economic environment, we reported the growth in net profit, while maintaining the asset quality and containing the NPA."
He noted that provision for NPA came down to Rs 57 crore last fiscal from Rs 67.25 crore.
On the outlook, he said, "It [growth] depends on how quicker interest rate comes down and the current environment in economic improves."