 "City Union Bank Q2 profit up 15% at Rs 108 cr")
During the quarter there has been a growth in balance sheet, drop in cost to income ratio, which has come down to 38-39 per cent from around 40-43 per cent, said N Kamakodi, managing director and CEO of City Union Bank.
Cost of deposits is currently at 7.69 per cent as compared to 7.85 per cent during the first quarter and 8.22 per cent during the second quarter of last fiscal.
Yield on advances during the second quarter was 13 per cent as compared to 12.95 per cent.
Net interest income rose by 16.43 per cent to Rs 240.10 crore from Rs 206.22 crore.
Total income stood at Rs 829.45 crore during the quarter as compared to Rs 773 crore during the same quarter of last fiscal year, an increase of 7.3 per cent.
Total business rose by 11.21 per cent to Rs 44,551 crore during the second quarter from Rs 40,060 crore a year ago.
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Gross NPA stood at Rs 398.29 crore, which is 2.10 per cent of gross advances. Net NPA stood at Rs 255.94 crore, which is 1.36 per cent of net advances.
Provision Coverage Ratio stood at 61 per cent as on September 30, 2015.
On outlook, he gave a guidance of 12-15 per cent in credit as compared to 10 per cent a year ago and 10-12 per cent in 2015-16.
The bank currently has 486 branches and plans to take it to 525 by end of March 2016.