City Union Bank gross profit up by 15%, aims to open 50 more branches

MD and CEO of City Union Bank, N Kamakodi

Chennai: City Union Bank Limited recently announced its performance results for the second quarter of financial year 2019-20 here. Earlier, the Board of Directors of City Union Bank approved the working results.

Addressing media persons, MD and CEO of City Union Bank, N Kamakodi said, “The bank’s slippage stands at about Rs 190 crore and total recovery from live account and technically written-off accounts is between Rs 115 crore and Rs 120 crore. The incremental NPA covers all sectors and cannot be attributed to one segment of borrowers.”

A press release said, Net Interest Income of the bank moved up by 3 per cent to Rs 411.55 crore from Rs 398.02 crore. Net profit increased by 15 per cent to Rs 193.54 crore from Rs 167.99 crore. Advances grew by 12 per cent to Rs 33,279 crore from Rs 29,785 crore. Deposits increased by 17 per cent to Rs 40,451 crore from Rs 34,534 crore. Total business grew by 15 per cent to Rs 73,730 crore from Rs 64,319 crore. CASA deposits grew by 22 per cent as on September 2019 which is 25 per cent of total deposits, the release noted.

Gross and Net NPA level stood at 3.41 per cent and 1.90 per cent respectively as on 30 September. The provision coverage ratio as on 30 September stood at 65 per cent. The bank also aims to add 50 more branches by the end of this year. At the moment, it operates 650 branches with 1724 ATMs including 734 cash recyclers.

NT Bureau