You are here: Home » Companies » News
Business Standard

City Union Bank's net profit rises 15% to Rs 182 crore in Sept quarter

The bank on Friday reported a rise in its net profit

City Union Bank Ltd | Q2 results | Indian banking sector

Press Trust of India  |  New Delhi 

banking sector
Illustration: Binay Sinha

City Union Bank on Friday reported a 15 per cent rise in its net profit to Rs 182 crore for the September 2021 quarter, as provisioning for bad loans and contingencies fell.

The bank had posted a net profit of Rs 158 crore in the corresponding period last year.

Its total income during July-September 2021 fell slightly to Rs 1,224.94 crore, compared with Rs 1,230.27 crore in the year-ago period, City Union Bank said in a regulatory filing.

The lender's interest income, however, rose one per cent to Rs 478 crore, from Rs 475 crore a year ago.

The bank said its deposits grew 12 per cent to Rs 46,316 crore during the September 2021 quarter, compared with Rs 41,021 crore a year ago.

Advances were up by 7 per cent at Rs 38,012 crore during the quarter under review. The total business jumped 10 per cent to Rs 84,328 crore as of September 30, 2021.

Net interest margin stood at 4.03 per cent and the return on assets at 1.32 per cent.

On the assets quality front, there was deterioration with the gross non-performing assets (NPAs) moving up to 5.58 per cent of the gross advances at the end of September 30, 2021, against 3.44 per cent a year ago.

In terms of value, the gross NPAs stood at Rs 2,119 crore, against Rs 1,220 crore a year ago.

Net NPAs, or bad loans, were at 3.48 per cent (Rs 1,294 crore), compared with 1.81 per cent (Rs 631 crore) a year ago.

The bank's capital adequacy as of September 30, 2021, as per RBI guidelines on Basel-III norms is 19.24 per cent and tier-1 capital adequacy was at 18.18 per cent, well above the regulatory requirements.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 12 2021. 21:58 IST