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Monday, January 26, 2015

City Union Bank Q3 net profit up 15%

City Union Bank reported an over 15 per cent increase in its net profit at Rs 102.70 crore for the quarter ended December 31, 2014.

The bank’s net profit stood at Rs 89.09 crore in the corresponding quarter a year ago, its MD & CEO N Kamakoti told reporters.

A 25 per cent growth in operating profit and 44 per cent growth in total provisions besides restructuring of assets have spurred this growth.

Total business grew 9 per cent to Rs 40,171 crore even as deposits increased by 10 per cent to Rs 23,203 crore as on December 31, 2014 from Rs 21,116 crore a year ago, he said.

Gross and net NPAs stood at 2.12 per cent and 1.31 per cent, respectively, he said.

Responding to a query regarding lending to SpiceJet, Kamakoti said that the net exposure of Rs 100 crore has been “collateralised by immoveable collaterals’’, and that there was no overdue.

Source : Thehindubusinessline


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