The profit of the fourth quarter of City Union Bank rises 15% to Rs 175 million rupees
CHENNAI: City Union Bank Saw 15% Profit growth at Rs 175 crore in quarter four of 2019 (Q4FY19), against a Profit of Rs 152 crore in quarter four of 2018 (Q4FY18).
" The Bank Received No Loans For The Corporate Sector, The Large Consortium Or The Infrastructure Sector, Which Are The Most Stressed Sectors That Currently Contribute To The Largest NAPs," Said N Kamakodi, Managing Director And CEO, When He Spoke About The Quality Of Bank Assets.
The Tamil Nadu-based Bank's Gross Non-performing Assets (NPAs) Increased To Rs 977.05 Crore In Q4FY19, As Against Rs 856.55 Crore In Q4FY18. However, The Gross NPA Margin Reduced To 2.95% In This March Quarter From 3.03% In The Same Quarter Last Year.
The Bank's Deposits Went Up By 17% At Rs 38,447.98 Crore Against Rs 32,852.62 Crore On A Year-on-year Basis. The Bank Had Recovered Rs 98 Crore, Comprising Live Recovery Worth Rs 60 Crore And Rs 38 Crore From Written-off Assets.
During Q4FY19, The Bank's Total Income Rose By 14% To Rs 1131.44 Crore. The Net Interest Income Also Shot Up By Rs 52.65 Crore To Rs 420.60 Crore Compared To Last Year. The Board Recommended A Dividend Of Re 0.50 Paisa Per Equity Share; I.e., 50% On Face Value Of Re 1 Per Equity Share Of The Bank, Subject To Requisite Approvals.