City Union Bank net increases by 8 percent

Private sector City Union Bank closed last fiscal with a 16 percent growth in its total income and eight percent rise in net profit, said a top official of the lender Monday.

Announcing the bank's financial results for the year ended 31 March 2014 here, N. Kamakodi, managing director and chief executive officer, said: "We closed last year with a total income of Rs.2,847.13 crore up from Rs.2,462.39 crore earned the previous year. The net profit grew to Rs.347.07 crore from Rs.322.02 crore in 2012-13."

He said the board has recommended a dividend of 100 percent for the year that went by.

Kamakodi said the bank's total advances stood at Rs.16,224 crore for the period under review up from Rs.15,343 crore

Similarly total deposits increased by eight percent last year to Rs.22,017 crore from Rs.20,305 crore during 2012-13.

He said the City Union Bank will open 50 more branches this fiscal taking the total branch network to 1,000. Last year the bank added 50 branches and 162 automatic teller machines (ATM) to its network. The total branches and ATMs as on date were 425 and 950, respectively.