City Union Bank posts Q2 Net Profit 16.05% up

City Union Bank posted quarterly Net Profit at Rs. 167.99 crore in September 2018 up 16.05% from Rs. 144.76 crore in September 2017.

Net Interest Income (NII) at Rs 398.02 crore in September 2018 up 12.16% from Rs. 354.8558 crore in September 2017.

Operating Profit stands at Rs. 295.95 crore in September 2018 down 7.53% from Rs. 320.06 crore in September 2017.

City Union Bank EPS has increased to Rs. 2.30 in September 2018 from Rs. 2.22 in September 2017.

Read More

City Union Bank Q1 profit rises 15% on lower provisions

Private sector lender City Union Bank has reported a 15.2 percent year-on-year in net profit to Rs 161.6 crore, driven by lower provisions and stable asset quality.

Profit in the year-ago period was Rs 140.3 crore.

Net interest income, the difference between interest earned and interest expended, grew by 9.5 percent to Rs 374.8 crore compared to Rs 342.4 crore in same quarter last fiscal.

Asset quality was stable for the quarter ended June 2018. Gross non-performing assets as a percentage of gross advances were lower at 3.02 percent for the quarter against 3.03 percent in previous quarter while net NPA was unchanged at 1.70 percent sequentially.

Provisions for bad loans dropped 33.4 percent year-on-year to Rs 77.7 crore in Q1FY19 and also declined 9.85 percent on sequential basis.

Other income or non-interest income during the quarter fell 4.6 percent to Rs 129.11 crore but operating profit increased 0.8 percent to Rs 299.4 crore compared to year-ago.

Read More

City Union Bank Q4 profit rises 18%

Private sector lender City Union Bank Ltd has reported an 18.04% rise in net profit at Rs152.12 crore for the quarter ended 31 March, compared to a net profit of Rs128.87 crore in the year-ago period.

Total income for the quarter rose 6.99% to Rs990.48 crore, as against Rs925.75 crore in the same quarter last year.

Net interest income increased by 18% to Rs368 crore from Rs311 crore last year. Net interest margin was at 4.36% in the last quarter.

Gross NPA stood at 3.03% as on 31 March, as against 2.83% a year ago. Net NPA was at 1.70% in the last quarter of the last fiscal compared with 1.71% in the same period in 2016-17.

Read More

After PNB, City Union Bank hit by fraud

Days after the Rs 11,400 crore fraud at PNB shook the country, private sector City Union Bank today said it suffered three fraudulent remittances of nearly USD 2 million (about Rs 12.8 crore).

Just like the fraud at Punjab National Bank (PNB), no entries of remittances were made in the ledgers of City Union Bank and transfers were pushed through the SWIFT financial platform.

Read More

City Union Bank Q3 profit up 22.2%

Private sector City Union Bank has recorded a 22.2% rise in its third quarter net profits for the period ending 31 December 2017 at Rs154.79 crore “on strong growth in net interest income”, a top official said.

The Tamil Nadu-based bank had recorded net profits at Rs126.62 crore in the corresponding period of the previous year. Declaring the financial results, the bank’s managing director and chief executive officer (CEO), N. Kamakodi said the robust growth in advances over the last three quarters and “growing interest income enabled our net profit grow by 22 per cent”.

Read More

City Union Bank Q2 profit rises 17%

Private sector lender City Union Bank on Wednesday reported 17% rise in net profit to Rs145 crore for the second quarter ended 30 September, 2017-18.

The bank had registered a net profit of Rs124 crore during the September quarter of last fiscal. Its total income rose to Rs996.12 crore during the quarter under review, from Rs894.87 crore in the year-ago period, the bank said in a regulatory filing.

Read More

City Union Bank Q1 net profit rises 13.6 %

Private sector City Union Bank has recorded a 13.6% rise in its first quarter net profit ending 30 June 2017 at Rs140.32 crore.

The Tamil Nadu-based bank had registered net profit at Rs123.52 crore in the corresponding quarter of last year.

For the full year ending 31 March 2017, net profit of the bank stood at Rs502.76 crore. Total income of the bank for the 1 April-30 June 2017 quarter rose to Rs960.86 crore from Rs883.30 crore registered during year ago period.

Read More