Kumbakonam-based private sector lender City Union Bank (CUB) has registered a 15.28% rise in its net profit for the third quarter at R102.70 crore as compared to R89.09 crore in the same quarter previous fiscal. The old generation private bank has clocked a 10.94% jump in total income to R782.28 crore from R705.12 crore.
Releasing the quarterly earning performance in Chennai on Saturday, N Kamakodi, MD and CEO of the bank, told reporters that the lender has performed much better than anticipated despite the difficult external economic situation. “The bank could register a 25% growth in its operating profit during the quarter while it witnessed 44% increase in total provisions. Besides, curtailing of NPA and restructured assets were the primary reasons for the growth in profit,” he said.