City Union Bank profit at Rs 1.68 bn in Q2, gross NPA down marginally

NPA provisioning for the quarter has declined 47% year-on-year to Rs 680 million

City Union Bank has reported a net profit of Rs 1.68 billion in Q2 FY19 as against Rs 1.45 billion in the corresponding quarter of last year.

N Kamakodi, managing director and chief executive officer of the bank, said profit increased as provision dropped. Provisions for the quarter declined by 47 per cent year-on-year (y-o-y) to Rs 680 million.

The bank’s operating profit dropped because of a slowdown in treasury income, which dropped to Rs 2.96 billion from Rs 3.20 billion.

Revenue has improved by 4.9 per cent y-o-y to Rs 10.45 billion from Rs 9.96 billion. The bank’s net interest income for