City Union Bank Q4 net up 19% at Rs 99 crore

Total income rises 10.13%; gross NPA in 2014-15 at 1.86%

City Union Bank has reported a growth of 18.7 per cent in net profit of Rs 99.08 crore during the quarter ended March 31, 2015 as compared to Rs 83.34 crore during the same period last year.

The Bank’s Managing Director and Chief Executive Officer N. Kamakodi attributed the performance to overall performance of the Bank, including increase in its business, prudent decision of the Bank not to part of any consortium and infrastructure sector, which were feeling the heat of the slow down in the economy.

Total income of the Bank rose by 10.13 per cent during the fourth quarter of 2015-16 to Rs 793.65 crore from Rs 720.64 crore, a year ago. As on March 31, 2015 Bank’s balance sheet size rose by 11.52 per cent to Rs 27,871 core from Rs 24,993 crore, a year ago. Deposits grew by 9.35 per cent to Rs 24,075 crore as on March 31, 2015 from Rs 22,017 crore, a year ago. Advances grew by 11.50 per cent to Rs 18,089 crore from Rs 16,224 crore. The provision coverage ratio stood at 58 per cent. Kamakodi said that the Bank hopes to grow at around 12-15 per cent during the current fiscal.