City Union Bank records 4qtr net at Rs 175.12 crore,up 15.1%

Private sector City Union Bank has recorded net profit at Rs 175.12 crore for the fourth quarter ending March 2019, a 15.1 per cent increase compared to the year ago period at Rs 152.12 crore.

The Tamil Nadu-based bank had clocked a 15.3 per cent increase in its net profit for the year ending March 2019 to Rs 682.85 crore from Rs 592 crore.

Total income of the bank for the March 2019 quarter grew to Rs 1,131.44 crore from Rs 990.48 crore.

For the year ending March 31, total income went upto Rs 4,281.55 crore, from Rs 3,934.52 crore.

The Board of Directors has recommended a dividend of 50 per cent (50 paise) for face value of Re 1 per equity share subject to approval of shareholders.

Commenting on the financial performance, the bank's MD and CEO, N Kamakodi said deposits increased by 17 per cent to Rs 38,448 crore for the year ending March 31 from Rs 32,853 crore registered year ago.

Advances grew by 17 per cent to Rs 33,065 crore from Rs 28,238 crore.

Total busines of the bank increased to Rs 71,513 crore up by 17 per cent from 61,091 crore registered last year.

Gross NPA of the bank stood at Rs 977 crore (2.95 per cent) for the year ending March 31, 2019.

Net NPA stood at Rs 591 crore at 1.81 per cent to Net Advances.