HOME| City Union Bank reports 2% rise in profit after tax | Writer | Admin | |||
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CHENNAI: Private sector City Union Bank (CUB) on Monday posted a marginal increase in profit after tax (PAT) of 2% at Rs 285 crore in the quarter ended Sept 30, 2024 against Rs 281 crore during the corresponding quarter of last year. While the interest income rose by 10% at Rs 1,434 crore in Q2 FY25 over the same quarter last year at Rs 1,304 crore, the non-interest income stood at Rs 226 crore, a 24% increase when compared with Rs 182 crore during the year ago quarter. The total deposits of the bank increased by 9% at Rs 57,369 crore in Q2 FY25 from Rs 52,714 crore in corresponding period last year. The total advances rose by 12% for Q2 FY25 at Rs 48,722 crore from Rs 43,688 crore in Q2 FY24. The total business of the Kumbakonam-headquartered bank stood at Rs 1,06,091 crore as on Sept 30, 2024. The gross NPA for July-Sept of 2024-25 reduced to 3.54% from 4.66% in the corresponding quarter of last financial year. Net NPA decreased to 1.62% from 2.34% for the same period. According to a CUB statement, the provision coverage ratio (PCR) as of 30.09.2024 is at 75% (including technically written off accounts) and 55% (excluding technically written off accounts). Necessary steps are being taken to improve the PCR further, it added.
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