 "Q2 earnings, Q2")
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.
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