City Union Bank Q3 net rises 15% to Rs 196 cr

City Union Bank (CUB) on Friday reported a 15 percent rise in net profit at Rs 196 crore for the quarter ended December 2021 on lower provisioning requirements. The private sector lender had posted a net profit of Rs 170 crore in the same quarter a year ago. Total income, however, was down at Rs 1,195.24 crore, as against Rs 1,267.80 crore in Q3 FY21, CUB said in a regulatory filing.

While the core interest income slipped to Rs 1,035.24 crore during the quarter as against Rs 1,048 crore a year ago, income from other sources fell to Rs 160 crore from Rs 220 crore. On the other hand, the total expenditure (excluding provisions and contingencies) were higher at Rs 825.63 crore as against Rs 819.36 crore.

Provisioning for bad loans and contingencies during the quarter came down to Rs 123.50 crore from Rs 208.50 crore, even as there was a spike in bad loans. The gross non-performing assets (NPAs) soared to 5.21 percent of the gross advances as of December 31, 2021, as against 2.94 percent a year ago. In value terms, the gross NPAs stood at Rs 1,998.55 crore, higher than Rs 1,071.68 crore in the year-ago period.