City Union Bank Q2 results: Net profit rises 15%


City Union Bank
on Friday reported a 15 per cent rise in its net profit to Rs 182 crore for the September 2021 quarter, as provisioning for bad loans and contingencies fell. The bank had posted a net profit of Rs 158 crore in the corresponding period last year.

Its total income during July-September 2021 fell slightly to Rs 1,224.94 crore, compared with Rs 1,230.27 crore in the year-ago period, City Union Bank said in a regulatory filing.

The lender's interest income, however, rose one per cent to Rs 478 crore, from Rs 475 crore a year ago.The bank said its deposits grew 12 per cent to Rs 46,316 crore during the September 2021 quarter, compared with Rs 41,021 crore a year ago.

Advances were up by 7 per cent at Rs 38,012 crore during the quarter under review. The total business jumped 10 per cent to Rs 84,328 crore as of September 30, 2021.Net interest margin stood at 4.03 per cent and the return on assets at 1.32 per cent.

On the assets quality front, there was deterioration with the gross non-performing assets (NPAs) moving up to 5.58 per cent of the gross advances at the end of September 30, 2021, against 3.44 per cent a year ago.

In terms of value, the gross NPAs stood at Rs 2,119 crore, against Rs 1,220 crore a year ago.
Net NPAs, or bad loans, were at 3.48 per cent (Rs 1,294 crore), compared with 1.81 per cent (Rs 631 crore) a year ago.

The bank's capital adequacy as of September 30, 2021, as per RBI guidelines on Basel-III norms is 19.24 per cent and tier-1 capital adequacy was at 18.18 per cent, well above the regulatory requirements.
Share:

City Union Bank Q4 net profit reports at Rs 111 crore


Private sector City Union Bank has reported net profit at Rs 111.18 crore for the quarter ending March 31, 2021. The Tamil Nadu-based bank had reported a net loss at Rs 95.29 crore during corresponding quarter previous year, the City Union Bank said in a BSE filing.


For the year ending March 31, 2021, net profits of the bank grew to Rs 592.82 crore from Rs 476.31 crore.


Total income for the quarter ending March 31, 2021 was at Rs 1,121.43 crore as compared to Rs 1,220.98 crore registered in the same quarter last year.


For the year ending March 31, 2021, total income stood at Rs 4,839.45 crore as against Rs 4,848.54 crore during corresponding period last year.

Share:

City Union Bank Q3 results- Net profit declines 12%


Private sector City Union Bank on Wednesday posted a decline of 11.7 per cent in its net profit to Rs 169.93 crore for the quarter ended in December.
The bank had registered a net profit of Rs 192.43 crore in the corresponding period of the preceding financial year.

Bank's total income during the third quarter of financial year 2020-21, however, moved up to Rs 1,277.80 crore as against Rs 1,203.24 crore in the same period of 2019-20, City Union Bank NSE 0.52 % said in a regulatory filing.

Even as the interest income fell 1.2 per cent to Rs 1,048.03 crore during the reported quarter, the bank's income from other sources jumped 61.4 per cent to Rs 229.77 crore.

Other income relates to income from non-fund based banking activities, including commission, fees, gains from securities transactions, ATM sharing fees, recoveries from written-off accounts and other miscellaneous income.

On the asset front, the bank showed improvement with the gross non-performing assets (NPAs) falling to 2.94 per cent of gross advances as on December 31, 2020 from 3.50 per cent in the year ago period.

In value terms, the gross NPAs or bad loans stood at Rs 1,071.69 crore, down from Rs 1,185.43 crore.Net NPAs too came down at 1.47 per cent (Rs 527.15 crore) from 1.95 per cent (Rs 649.41 crore).

Provisions for bad loans and contingencies were more than doubled to Rs 218.50 crore for the quarter under consideration from Rs 81 crore in the year-ago period.

City Union Bank said during the quarter, it has restructured 60 accounts amounting to Rs 321.06 crore."As of December 31, 2020, 233 accounts amounting to Rs 807.07 crore were restructured; the bank holds Rs 26.28 crore towards provision for such accounts," it said.

Further, the bank said it has made an additional provision of Rs 125 crore during the quarter towards contingency arising out of the COVID pandemic and holds a total provision of Rs 465 crore as of December 31, 2020.

Bank's provision coverage ratio stood at 73 per cent at the end of the third quarter of the financial year 2020-21.

Share:

City Union Bank Q4 results, Reports Rs 95.25 crore loss

City Union Bank on Thursday reported a loss of Rs 95.25 crore for the fourth quarter ended March 2020, due to a spike in bad loan provisioning.

The private sector lender had posted a net profit of Rs 175.11 crore during the corresponding quarter of the previous financial year 2018-19. Sequentially, the bank had registered a net profit of Rs 192.43 crore in the December 2019 quarter.

The bank's provisioning for bad loans and contingencies had to be raised multi- fold to Rs 450.38 crore in the March 2020 quarter, against Rs 90.67 crore in the year-ago period, City Union Bank said in a regulatory filing.


Income during the reporting quarter of 2019-20 rose to Rs 1,220.98 crore, from Rs 1,131.44 crore a year ago.

On the asset front, the bank witnessed a spike in bad loans as gross non-performing assets (NPAs) rose to 4.09 per cent of the gross advances as on March 31, 2020, as against 2.95 per cent in the year-ago corresponding quarter.

In absolute value, the gross NPAs were of Rs 1,413.40 crore, higher than Rs 977.05 crore in the year-ago period.

Likewise, the net NPAs also increased to 2.29 per cent (Rs 778.49 crore), compared with 1.81 per cent (Rs 591.46 crore).

For the full year 2019-20, the bank posted a net profit of Rs 476.32 crore, down 30.2 per cent from Rs 682.85 crore in 2018-19.

However, income during the year grew to Rs 4,848.54 crore, from Rs 4,281.56 crore in the preceding financial year.

On the coronavirus pandemic, City Union Bank said it has sufficient capital and adequate liquidity to support its business growth and would continue to be the focus area of the bank during this period.

"The bank, based on available information at this point of time and as a prudent measure, has made a provision of Rs 125 crore in the current quarter that includes an adhoc COVID-19 provision of Rs 102 crore, over and above the (Reserve Bank of India) RBI-prescribed norms," it said.
Share:

City Union Bank Q2 net up by 15%


City Union Bank (CUB) posted a 15 per cent growth in second quarter net profit ₹194 crore. The bank's net profit for the same period last year stood at Rs 168 crore.

The bank reported a net profit of Rs 186 crore for the June quarter. Operating profit, driven by non interest income, grew 17 per cent for the September quarter to ₹346 crore as against ₹296 crore recorded for the same period last year.

While the bank's interest income grew by 12 per cent to Rs 1,037 crore (Rs 926 crore) during Q2FY20, non interest income grew by 64 per cent to Rs 195 crore (Rs 119 crore) for the same period. Asset quality of the bank remained stable despite a marginal increase in the bank's gross non-performing assets (GNPA).

The bank's GNPA as a percentage of total advances stood at 3.41 per cent (2.85 per cent) as on September 2019. While Net non-performing assets (NNPA) stood at 1.90 per cent (1.69 per cent).

"The incremental NPAs is from across all sectors and it's almost similar to what we saw in the last few quarters," N Kamakodi, MD & CEO, City Union Bank said in a press conference held here to announce the quarterly results.

He also added that the bank's incremental slippage for the quarter is around Rs 190 crore and total recovery from live accounts and technically written-off accounts is around Rs 115-120 crore. CUB's advances for the quarter grew by 12 per cent to ₹33,279 crore (₹29,785 crore as of September 2018), while total deposits went up by 17 per cent to ₹40,451 crore (₹34,534 crore).

Provision coverage ratio for the September quarter remained stable at 65 per cent while capital adequacy ratio stood at 15.49 per cent.

Share:

City Union Bank Q1 net profit rises 15%


Private sector lender City Union Bank (CUB) has reported a 15 per cent increase in its net profit at ₹186 crore for the quarter ended June 30, 2019 as against ₹162 crore in a year-ago period.

Its operating profit grew 17 per cent at ₹351 crore as against ₹299 crore on the back of higher net interest income, which grew 11 per cent at ₹417 crore (₹375 crore ).

The other operating income rose 26 per cent at ₹163 crore (₹129 crore).

However, asset quality saw some set back with its gross NPA increasing to 3.34 per cent as of June this fiscal from 3.02 per cent in the previous year’s quarter. The net NPA increased to 1.89 per cent from 1.70 per cent during the same period.

Advances grew 14 per cent to ₹32,229 crore (₹28,215 crore as of June 2018), while total deposits went up by 16 per cent to ₹39,077 crore (₹33,597 crore).

CASA (current account savings account) increased by 14 per cent to ₹9161 crore from ₹8,038 crore and the CASA ratio stood at 23 per cent of total deposits.

The provision coverage ratio stood at 65 per cent as on June 30, 2019. The bank’s return on assets stood at 1.63 per cent during the first quarter of this fiscal.
Share:

City Union Bank Q4 net profit up 15%

Private sector City Union Bank has recorded net profit at Rs 175.12 crore for the fourth quarter ending March 2019, a 15.1 per cent increase compared to the year ago period at Rs 152.12 crore.
The Tamil Nadu-based bank had clocked a 15.3 per cent increase in its net profit for the year ending March 2019 to Rs 682.85 crore from Rs 592 crore. Total income of the bank for the March 2019 quarter grew to Rs 1,131.44 crore from Rs 990.48 crore. 
For the year ending March 31, total income went upto Rs 4,281.55 crore, from Rs 3,934.52 crore.
The Board of Directors has recommended a dividend of 50 per cent (50 paise) for face value of Re 1 per equity share subject to approval of shareholders.

Deposits up

Commenting on the financial performance, the bank’s MD and CEO, N Kamakodi said deposits increased by 17 per cent to Rs 38,448 crore for the year ending March 31 from Rs 32,853 crore registered year ago. Advances grew by 17 per cent to Rs 33,065 crore from Rs 28,238 crore.
Total busines of the bank increased to Rs 71,513 crore up by 17 per cent from 61,091 crore registered last year. Gross NPA of the bank stood at Rs 977 crore (2.95 per cent) for the year ending March 31, 2019. Net NPA stood at Rs 591 crore at 1.81 per cent to Net Advances.
Share:

City Union Bank Q3 profit rises 15%



City Union Bank(CUB)’s total income also improved by 10.07 per cent to Rs. 1,086.45 crore during the quarter, against the previous year’s income of Rs. 987.05 crore

Net profit of City Union Bank (CUB) rose by 15 per cent to Rs. 178.10 crore in the third quarter of FY19 against the Rs. 154.80 crore the lender recorded in the same period last year.

Gross profit of the bank improved marginally by 4 per cent to Rs. 306.8 crore (Rs. 296.5 crore) on a year-on-year basis as on December 2018. The bank’s interest income grew by 11.70 per cent to Rs. 966.62 crore from Rs. 865.36 crore in the same period last year.

Net interest income of the bank increased from Rs. 365.14 crore recorded last December to Rs. 418.09 crore in the current year, marking a 15 per cent increase on year-on-year basis. Net interest margin (NIM) of the bank stood at 4.41 per cent.

Also read- Q3FY19 Results of all Public & Private Sector banks in India 

CUB’s total income also improved by 10.07 per cent to Rs. 1,086.45 crore during the quarter, against the previous year’s income of Rs. 987.05 crore. While the gross non-performing assets (NPAs) of the bank improved from 3.30 per cent in December 2017 to 2.91 per cent during the current year, net NPA remains unchanged at 1.74 per cent on year-on-year basis.


“Although slippage ratio for Q2 is at 2.16 per cent, overall, we are seeing a decreasing trend in NPA,” said N Kamakodi, MD and CEO, City Union Bank.

Gross NPA in value saw an increase of 4 per cent to Rs. 891 crore (Rs. 860 crore), while net NPA increased by 18 per cent to Rs. 528 crore (Rs. 448 crore).

“We have said that our incremental slippage ratio for the current year to closing advances will be 1.75 to 2 per cent and we are already on our target,” Kamakodi added


Share:

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.


Share:

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.


Share:

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.
Share:

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.
Share:

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”.
Share:

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.
Share:

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.
Share:

  Useful links for Bankers
   * Latest DA Updates
   * How to recover Bad loans/NPA Acs
   * Latest 12th BPS Updates
   * Atal Pension Yojana (APY)
   * Tips while taking charge as Manager
   * Software used by Banks in India
   * Finacle Menus, Shortcuts & Commands
   * Balance Inquiry Number of all Banks
   * PSU & Private Banks Quarterly result
   * Pradhan Mantri Awas Yojana (PMAY)

Contact Form

Name

Email *

Message *