The private sector lender's net profit slipped 17% to Rs 154.04 crore on a 1.5% rise in total income to Rs 1,209.95 crore in Q1 June 2020 over Q1 June 2019.
Profit before tax (PBT) dropped 15.5% to Rs 199.04 crore in Q1 FY21 as against Rs 235.65 crore in Q1 FY20. The Q1 earnings were declared after trading hours yesterday, 13 August 2020.
The bank's gross non-performing assets (NPAs) stood at Rs 1,346.08 crore as on 30 June 2020 as against Rs 1,413.39 crore as on 31 March 2020 and Rs 1,076.21 crore as on 30 June 2019. The ratio of gross NPAs to gross advances stood at 3.90% as on 30 June 2020 as against 4.09% as on 31 March 2020 and 3.34% as on 30 June 2019. The ratio of net NPAs to net advances stood at 2.11% as on 30 June 2020 as against 2.29% as on 31 March 2020 and 1.89% as on 30 June 2019.
The bank's provisions and contingencies surged 35.63% to Rs 157 crore in Q1FY21 compared with Rs 115.75 crore in Q1FY20. Provision Coverage Ratio (PCR) stood at 68% at 30 June 2020.
City Union Bank offers a wide range of banking and financial services across India, including both domestic and International banking services. The bank had a network of 700 branches and 1,793 ATMs as on 31 March 2020.
Shares of City Union Bank advanced 3.94% to Rs 121.40 on BSE. The stock traded in the range of Rs 120.60 to Rs 124.35 so far.
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