City Union Bank

City Union Bank stock opened with a gap up and sustained its bullish strength which suggests strong bullish sentiment.

The lender's Net Interest Income (NII), which is the difference between interest earned and interest expended, soared 8.2 per cent annually to Rs 582.5 crore in Q2FY25, from Rs 538.4 crore in Q2FY24

Private sector City Union Bank expects significant growth in the income contributed from the insurance vertical during the current financial year, a top official has said. The Tamil Nadu-based bank was on track to reach pre-Covid level in slippages and recovery, the bank's Chairman and Managing Director and CEO N Kamakodi said. "As we have onboarded six insurance companies covering life, general, and non-life during FY'23, our insurance income contribution has also doubled to Rs 55 crore in FY'24 as compared to Rs 27 crore in FY'23," he said. "We expect significant growth in insurance income in the current financial year," he told analysts in an earnings call. On the outlook, Kamakodi said the bank opened its 800th branch in Ayodhya last financial year and this year has planned to open about 50-75 branches. The digital lending process targeted to serve the micro, small, and medium enterprises segment was also reaching the 'last leg' and should be launched before mid-June, he said.

Private sector City Union Bank has reported a 17 per cent jump in its net profits at Rs 254.81 crore for the January-March 31, 2024 quarter, based on improved recovery from slippages. The Tamil Nadu-based bank had registered a net profit of Rs 218.04 crore during the corresponding quarter of last year. For the financial year ending March 31, 2024, the net profits of the bank breached the Rs 1,000 crore mark, with Rs 1,015.73 crore, up by 8 per cent from Rs 937.47 crore registered a year ago. "Improved recovery resulting in lowering provisioning helped to achieve growth in PAT," the bank said in a statement on Tuesday. The total income during the quarter under review went up to Rs 1,549.34 crore from Rs 1,423.09 crore registered in the same quarter of last year. For the financial year ending March 31, 2024, the total income surged to Rs 6,012.22 crore, as against Rs 5,524.69 crore registered a year ago. In a press release, the bank said it crossed Rs one lakh total business milest

The RBI took action after conducting Statutory Inspection for Supervisory Evaluation (ISE 2022) of the three lenders with reference to their financial position as on March 31, 2022

City Union Bank on Friday posted almost flat net profit of Rs 281 crore for the quarter ended September 2023. The Tamil Nadu-based lender had posted a net profit of Rs 276 crore for the same quarter a year ago. Total income during July-September period increased to Rs 1,486 crore as against Rs 1,355 crore in the same quarter a year ago, City Union Bank said in a regulatory filing. Interest income grew to Rs 1,304 crore from Rs 1,181 crore in the corresponding quarter a year ago. Asset quality of the lender deteriorated as gross non-performing assets (NPAs) rose to 4.66 per cent of gross advances as of September 2023 from 4.36 per cent by the end of September 2022. However, net NPAs (bad loans) declined marginally to 2.34 per cent as against 2.69 per cent. Provisions for bad loans and contingencies fell to Rs 56 crore during the quarter as against Rs 105 crore reserved for the year-ago period.

Last year, the airline had agreed to repay all its due by June 2023

Stocks to Watch on June 27, 2023: Lupin: As per reports, Lupin is considering a restructuring move to unlock value by demerging its API (active pharmaceutical ingredients) business

City Union Bank on Monday said it will raise Rs 500 crore through the Qualified Institutional Placement (QIP) route to fund business growth. The board of directors at a meeting approved raising of further capital through the QIP route to the tune of Rs 500 crore, City Union Bank said in a regulatory filing. The private sector lender said that shareholders' nod would be sought in the annual general meeting for the capital raise plan. Last year, the bank obtained shareholders' nod for raising Rs 500 crore through QIP but could not utilise, it said.

Though the management has guided for credit growth of 12-15 per cent, there will be near term pressure on NIMs and earnings, ICICI Securities said

In the past six months, City Union Bank has underperformed the market by falling 26 per cent, as compared to 1 per cent rise in the S&P BSE Sensex

The Reserve Bank of India has given its consent for the re-appointment of N Kamakodi as Managing Director and CEO of private sector bank City Union Bank, the Tamil-Nadu-based lender said on Wednesday. The tenure of his re-appointment would be for a period of three years with effect from May 1, 2023. "We hereby inform that based on the recommendation of the Board of Directors of the Bank, the Reserve Bank of India...has given its approval for the re-appointment of Dr N Kamakodi as the Managing Director and CEO of the bank for a further period of three years with effect from May 1, 2023," the bank said in a BSE filing on Wednesday. Early this month, the bank launched a facility for its customers to use Voice Biometric authentication for logging into its mobile banking application.

According to analysts, CUB's results had several areas of weakness this quarter

Private sector City Union Bank has registered net profit at Rs 217.83 crore for the October-December 2022 quarter, the Tamil Nadu-based bank said on Saturday. Net profits for the quarter ending December 31, 2022 was at Rs 196.11 crore in the corresponding period of last year. For the nine month period ending December 31, 2022, the net profit of the bank surged to Rs 719.43 crore from Rs 551.20 crore registered in same period of previous year. The total income during the quarter under review grew to Rs 1,429.97 crore from Rs 1,195.24 crore registered in same period of previous year. The total income for the nine month period ending December 31, 2022 went up to Rs 4,101.60 crore from Rs 3,610.98 crore registered year ago, the bank said.

The Reserve Bank of India found divergence of Rs 259 crore in additional gross NPA for the financial year 2021-22.

Company aims to have 125 million people using its English language learning app

The bank's share closed at Rs 179.05 a piece on BSE, down 4.7% from its previous close while the broader Sensex was down 1.46%

Total income during April-June quarter of 2022-23 was up by 11 per cent at Rs 1,317 crore as against Rs 1,191 crore earlier, City Union Bank said in a release.

Stocks to watch today: Bharti Airtel and Adani Ports will report their June quarter results (Q1FY23); Titan saw 13-fold jump in net profit to Rs 790 crore in Q1FY23.

Shriram will offer personal insurance products such as motor, personal accident, home and travel along with commercial ones such as property, marine and engineering to bank's customers