City Union Bank net rises 15% to Rs 196 crore

Private sector lender City Union Bank (CUB) on Friday reported a 15% increase in its net profit to Rs 196 crore for the third quarter of FY’22 as against Rs 170 crore in the corresponding quarter of previous fiscal year. Total income of the bank fell to Rs 1, 195 crore from Rs1, 268 crore.

Interest income contracted to Rs 1,035 crore from Rs 1,048 crore, net interest income remained flat at Rs 490 crore and other income decreased 27% to Rs 160 crore. Net interest margin was down to 4% from 4.16%.

The bank’s capital adequacy as per Reserve Bank of India (RBI) guidelines on Basel III norms was at 19.39% and tier-1 capital adequacy was at 18.34%, well above regulatory requirements. Gross non-performing asset rose to 5.21% from 2.94% and net NPA more than doubled to 3.44% from 1.47%. Provision coverage ratio was down to 62% from 73%.

from Banking & Finance – The Financial Express https://ift.tt/AoHpOzE