Private sector lender City Union Bank on Friday, May 26, reported a 4.4 percent year-on-year (YoY) increase in net profit at Rs 218 crore for the fourth quarter that ended March 31, 2023. In the corresponding quarter last year, the bank posted a net profit of Rs 209 crore.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 2.7 percent year-on-year (YoY) to Rs 514.3 crore against Rs 506.7 crore in the corresponding period of the preceding fiscal.
The gross non-performing assets (GNPAs) stood at 4.37 percent in the March quarter against 4.62 percent in the December quarter. Net NPAs came at 2.36 percent against 2.67 percent quarter-on-quarter.
In monetary terms, GNPAs stood at Rs 1,920.2 crore against Rs 1,988.7 crore quarter-on-quarter (QoQ), whereas net NPAs came at Rs 1,017.6 crore against Rs 1,124.5 crore (QoQ).
The bank made a provision of Rs 880 crore as of March 31, 2023 against Rs 835 crore in the corresponding period last year. The operating expense is Rs 292 crore for Q4 FY23 against Rs 264 crore in Q4 FY22. For the year FY23, the same was at Rs 1,155 crore against Rs 1,080 crore for FY 22.
The total deposits of the bank had increased by 10 percent for FY23 to Rs 52,398 crore from Rs 47,690 crore last year. CASA (current account savings account) stood at 30 percent of total deposits. The cost of deposits decreased to 4.66 percent in FY23 from 4.68 percent in FY22.
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Total advances increased by 7 percent for FY23 to Rs 43,971 crore from Rs 41,156 crore in FY22. The credit deposit ratio stood at 84 percent. The yield on advances is at 9.23 percent for FY23.
The bank's capital adequacy as of March 31, 2023, as per Reserve Bank of India (RBI) guidelines on Basel III norms is 22.34 percent and Tier-1 capital adequacy was 21.27 percent, well above regulatory requirements.
Shares of City Union Bank ended at Rs 139.40, up by Rs 1.95, or 1.42 percent on the BSE.
(Edited by : Shoma Bhattacharjee)
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