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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.

For the full year ending 31 March 2017, total income was at Rs3,657.73 crore. Declaring the financial performance, the bank’s managing director and CEO N Kamakodi said the bank clocked a decent performance and “overall it has been a decent quarter.”
“Net profits of the bank went up by 14 per cent. We have continuously maintained provisional coverage ratio of about 60 per cent,” he told reporters here.
As of 30 June 2017, the provisional coverage ratio stood at 62%, he said. Stating that the bank would continue the same momentum in the performance during the coming quarters, Kamakodi said, “we think we will be able to grow our business by 15-18% this (financial) year.”
Kamakodi and senior bank officials on the occasion unveiled Version two of “Lakshmi” the robot that can converse in the Tamil language. The robot can share basic details of the bank, account opening information, in Tamil, he said.
“It is operating in five of our branches. Our plan is to have such robots in 100 branches in next two-three years,” he said.
Last year, the bank launched a robot that can converse in the English language. Kamakodi also unveiled credit card facility for customers who have fixed deposits.
“The ceiling for the credit card is based upon the usage of the customers. About 80% of deposits can be taken as ceiling limit for using the credit card,” he said.

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