City Union Bank Q1 net up 14% at Rs 140 cr

The total income of the bank rose to Rs 960.86 cr from Rs 883.30 cr

City Union Bank (CUB) has reported a net profit of Rs 140.32 crore during the quarter ended June 30, 2017, as compared to Rs 123.52 crore, a year ago, an increase of 14%. The bank is planning to seek shareholders approval for a Rs 500-crore Qualified Institutional Placement (QIP).

N Kamakodi, managing director and chief executive CUB said that the quarter performance was decent and it was satisfactory compared to peers and industry.

He attributed the increase in profit to 22% growth in net interest margin and increase in credit.

The total income of the bank rose to Rs 960.86 crore from Rs