City Union Bank net jumps 83% to Rs 25 cr

City Union Bank (CUB) posted 83.12 per cent growth in net profit to Rs 25.38 crore for the third quarter ended December 31, 2007, compared with Rs 13.86 crore in the same period a year earlier.

Total income during the third quarter rose 59.75 per cent to Rs 176.14 crore from Rs 110.26 crore in the corresponding quarter of the previous financial year.

Interest income rose 55 per cent to Rs 154.84 crore from Rs 99.40 crore, while other income rose 96.13 per cent to Rs 21.30 crore from Rs 10.86 crore in the year-ago period.

The bank's operating profit rose 60.07 per cent to Rs 43.22 crore from Rs 27 crore posted in the third quarter of the previous financial year. Net interest income was up 24.57 per cent to Rs 49.34 crore from Rs 39.60 crore a year earlier.

The Kumbakonam-based bank is planning to open 50 new branches and 40 offsite ATMs this year. Currently, it operates 180 branches and 75 ATMs across the country.

CUB is establishing seven central processing centres in Tamil Nadu, Andhra Pradesh and Karnataka. The bank also plans to launch debit cards for depositors before March and a credit card early next year.