Chennai: City Union Bank announced that its net profit has increased by 8 per cent in the Q3 results for financial year 2019-2020 as approved by its board of directors. Despite the headwinds in market scenario and the prevailing economic conditions, the bank has been able to sustain all odd and has shown increase in its net profit and other incomes, it said.
Addressing media persons here, Wednesday, CEO and MD of City Union Bank N Kamakodi said, ‘Reduction in the tax has been a major boost for all companies. MSME sector is the bread winner of the bank.’
He also added that there isn’t too much exposure to the corporate sector due to the current environment. When asked about CSR activities of the bank, Kamakodi said the bank has been able to contribute in rural development. ‘The bank has sponsored smart classes of schools in Kumbakonam and Tanjore of which 11,000 students had benefitted,’ he noted.
According to a press release, the deposits at the bank had increased by 12 per cent the same year from Rs 35,504 crore to Rs 39,812 crore and the total business had grown 11 per cent from Rs 66,141 crore to Rs 73,640 crore. Its net profit had increased 8 per cent from Rs 178 crore to Rs 192 crore, it added.
During the press meet, the bank’s multilingual interactive voice based All-In-One Mobile app was demonstrated. The customers can converse with the chat-bot ‘Ask Lakshmi’ of the App in Tamil, English, Hindi or Telugu for their general banking needs including transactions like Balance enquiry, Mini statement, Fund transfer over voice / text instructions with the facility to open new account (CUB easy app) during pre login stage itself, said a press release.