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City Union Bank slips after Q3 profit rises 8% to Rs 192 cr

Capital Market 

City Union Bank was down 0.50% at Rs 229 after the private lender announced third quarter earnings during market hours today.

The private lender reported a 8.04% jump in net profit to Rs 192.43 crore in Q3 December 2019 as against net profit of Rs 178.10 crore in Q3 December 2018. Total income rose 10.75% year-on-year (YoY) to Rs 1203.23 crore in Q3 December 2019.

Profit before tax (PBT) was almost flat at Rs 227.43 crore in Q3 December 2019 as against Rs 228.10 crore in Q3 December 2018.

Net interest income moved up by 2% YoY to Rs 427.26 crore during the period under review. Advances grew by 10% to Rs 33,828 crore while deposits increased by 12% to Rs 39,812 crore during the stated period. CASA deposits grew by 10% as on December 2019, which is 23% of total deposits.

Gross non-performing assets (NPAs) stood at Rs 1185.42 crore as on 31 December 2019 as against Rs 1135.43 crore as on 30 September 2019 and Rs 891.91 crore posted in 31 December 2018.

The ratio of gross NPAs to gross advances stood at 3.50% as on 31 December 2019 as against 3.41% as on 30 September 2019 and 2.91% as on 31 December 2018.

The ratio of net NPAs to net advances stood at 1.95% as on 31 December 2019 as against 1.90% as on 30 September 2019 and 1.74% as on 31 December 2018.

Provisions and contingencies (excluding tax provisions) increased by 2.86% to Rs 81 crore in Q3 December 2019 from Rs 78.75 crore Q3 December 2018.

Provision coverage ratio stood at 65.46% as on 31 December 2019.

The bank as on date is having 665 branches and 1762 ATMs (onsite & offsite) including 768 BRMs.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, February 12 2020. 12:35 IST
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