City Union Bank hits 52-week high as Q1 PAT rises 16% YoY to Rs 264 cr
City Union Bank advanced 6.54% to Rs 170.30 after the private sector bank's net profit rose 16.38% to Rs 264.49 crore on 8.45% increase in total income to Rs 1,580.77 crore in Q1 FY25 over Q1 FY24.
Profit before tax (PBT) grew 27.54% year on year (YoY) to Rs 334.49 crore in the quarter ended 30 June 2024.Net interest income (NII) rose 4% to Rs 545 crore in June 2024 quarter as compared to Rs 523 crore in Q1 FY24. For Q1 FY25, NIM was at 3.54% as against 3.67% in the corresponding period last year.
The bank's operating profit before provisions and contingencies declined 9.84% to Rs 373.49 crore in June 2024 quarter as compared to Rs 414.27 crore recorded in Q1 FY24.
The bank made a provision of Rs 109 crore as of June 2024 as against Rs 187 crore in the corresponding period last year. Provision coverage ratio (PCR) stood at 73% as of June 2024 as against 70% in last year.
On asset quality front, the gross non-performing assets (GNPA) was at Rs 1,806.45 crore as on June 2024 as against Rs 2,081.07 crore as on June 2023. The ratio of gross NPA stood at 3.88% as of 30 June 2024 as compared to 4.91% as on 30 June 2023. The ratio of net NPA stood at 1.87% as of June 2024 as compared with 2.51% as of June 2023.
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Total deposits of the bank increased 6% for Q1 FY25 to Rs 54,857 crore from Rs 51,655 crore recorded in the corresponding quarter previous year. CASA deposits rose 2% YoY to Rs 16,195 crore in Q1 FY25.
Total advances increased by 10% to Rs 46,548 crore in June 2024 quarter from Rs 42,405 crore in same quarter last year. Credit deposit ratio stood at 85%.
The bank's capital adequacy as on 30 June 2024 as per Reserve Bank of India (RBI) guidelines on Basel III norms was 23.58% and Tier-1 capital adequacy was 22.55%, well above regulatory requirements.
Further, the board has approved raising further capital through QIP route upto Rs 500 crore.
City Union Bank offers a wide range of banking and financial services across India, including both domestic and International banking services. It is a private sector bank with 800 branches across states and three Union territories.
The scrip hit 52-week high at Rs 174.70 in todays intraday session.
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First Published: Jul 29 2024 | 1:38 PM IST