 "City Union Bank's net profit rises 15% to Rs 182 crore in Sept quarter")
City Union Bank on Friday reported a 15 per cent rise in its net profit to Rs 182 crore for the September 2021 quarter, as provisioning for bad loans and contingencies fell.
The bank had posted a net profit of Rs 158 crore in the corresponding period last year.
Its total income during July-September 2021 fell slightly to Rs 1,224.94 crore, compared with Rs 1,230.27 crore in the year-ago period, City Union Bank said in a regulatory filing.
The lender's interest income, however, rose one per cent to Rs 478 crore, from Rs 475 crore a year ago.
The bank said its deposits grew 12 per cent to Rs 46,316 crore during the September 2021 quarter, compared with Rs 41,021 crore a year ago.
Advances were up by 7 per cent at Rs 38,012 crore during the quarter under review. The total business jumped 10 per cent to Rs 84,328 crore as of September 30, 2021.
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Net interest margin stood at 4.03 per cent and the return on assets at 1.32 per cent.
On the assets quality front, there was deterioration with the gross non-performing assets (NPAs) moving up to 5.58 per cent of the gross advances at the end of September 30, 2021, against 3.44 per cent a year ago.
In terms of value, the gross NPAs stood at Rs 2,119 crore, against Rs 1,220 crore a year ago.
Net NPAs, or bad loans, were at 3.48 per cent (Rs 1,294 crore), compared with 1.81 per cent (Rs 631 crore) a year ago.
The bank's capital adequacy as of September 30, 2021, as per RBI guidelines on Basel-III norms is 19.24 per cent and tier-1 capital adequacy was at 18.18 per cent, well above the regulatory requirements.
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