City Union Bank clocks 4qtr net at Rs 152.12 Cr upby 18%

Private sector City Union Bank has clocked a 18.04 per cent rise in the net profits for the fourth quarter ending March 31, 2018 to Rs 152.12 crore, owing to increase in overall business levels, a top bank official said here today.

The Kumbakonam-based bank had posted net profits at Rs 128.87 crore during corresponding period of last year.

For the financial year ending March 31, 2018, net profits of the bank increased by 17.75 per cent to Rs 592 crore from Rs 502.77 crore registered during same period of last year.

Declaring the financial results, bank's Managing Director and CEO, N Kamakodi said, "basically the growth in the net profits is supported by the overall business. That is the main contribution (to increase in net profits)."
Asked on the outlook for financial year 2018-19, he said, "we expect growth rates to be 18-20 per cent for financial year 2018-19. One area we will be giving thrust is improving the credit quality management and in NPA recovery."