City Union Bank Q4 net profit jumps 88%

City Union Bank Q4 net profit jumps 88%

City Union Bank (CUB) on Friday reported net profit of Rs 209 crore for the fourth quarter of FY22 as against Rs 111 crore in the corresponding quarter of last fiscal, registering a growth of 88%. Total income of the private sector lender went up by 10% to Rs 1,253 crore, compared with Rs 1,135 crore.

Gross NPA of the bank stood at Rs 1,933 crore at 4.7% to gross advances as compared to Rs 1,893 crore (5.11%). Net NPA was at Rs 1,191 crore at 2.95% to net advances as compared to Rs 1,075 crore (2.97%).

The provision coverage ratio was at 64%. The bank’s capital adequacy as per the RBI guidelines on Basel III norms was at 20.85% and tier-1 capital adequacy was at 19.78%, well above regulatory requirements, CUB said in a release.

For the entire fiscal year FY22, the bank’s net profit rose by 28.2% to Rs 760.17 crore, from Rs 592.82 crore in FY21.

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