City Union Bank slumped 7.52% to Rs 126.65 after the bank reported a net loss of Rs 95.29 crore in Q4 March 2020 as compared to a net profit of Rs 175.11 crore in Q4 March 2019.
Total income rose 7.9% year-on-year (YoY) to Rs 1220.98 crore during the quarter.
Pre-tax loss in Q4 FY20 stood at Rs 115.29 crore. The bank had posted a pre-tax profit (PBT) of Rs 247.11 crore in Q4 FY19.
The bank's provisions and contingencies surged to Rs 450.38 crore in Q4 March 2020 from Rs 90.67 crore in Q4 March 2019.
Based on basic available information at this point of time and as a prudent measure, the bank has made a provision of Rs 125 crore in the current quarter which includes an adhoc COVID-19 provision of Rs 102 crore over and above the RBI prescribed norms.
The bank's gross non-performing assets (NPAs) stood at Rs 1,413.39 crore as on 31 March 2020 as against Rs 1,185.42 crore as on 31 December 2019 and Rs 977.05 crore as on 31 March 2019.
The ratio of gross NPAs to gross advances stood at 4.09% as on 31 March 2020 as against 3.50% as on 31 December 2019 and 2.95% as on 31 March 2019.
The ratio of net NPAs to net advances stood at 2.29% as on 31 March 2020 as against 1.95% as on 31 December 2019 and 1.81% as on 31 March 2019.
The private lender's net profit fell 30.2% to Rs 476.32 crore on 13.2% rise in total income to Rs 4,848.55 crore in the year ended March 2020 (FY20) over the year ended March 2019 (FY19). PBT was at Rs 586.32 crore in FY20, down by 36.6% from Rs 924.85 crore in FY19.
City Union Bank offers a wide range of banking and financial services across India, including both domestic and International banking services. The bank had a network of 700 branches and 1,793 ATMs as on 31 March 2020.
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