City Union Bank registers 83% rise in Q3 net profit

Written by Agencies | Chennai, January 31: | Updated: Jan 31 2008, 20:24pm hrs
City Union Bank Ltd has posted a 83 per cent increase in net profit at Rs 25.38 crore for the third quarter ended December 31, 2007 as against Rs 13.86 crore during the corresponding period in 2006.

The bank's total business crossed the Rs 10,000 crore mark during the year and expects to post a total business of Rs 12,000 crore by March 2008, City Union Bank (CUB) Chairman S Balasubramanian told reporters.

Interest income for the period was Rs 154.84 crore, a growth of 55.77 per cent, over Rs 99.40 crore during the same period last year, he said.

Operating profit stood at Rs 43.22 crore, an increase of 60 per cent, compared to last year's 27 crore.

He said following the allotment of 68 lakh shares on a preferential basis, the bank has increased Tier I capital by Rs 125 crore and net worth rose to Rs 565 crore during the third quarter.

The bank has approached RBI for permission to open 50 additional branches and about 40 off-site ATMs in various parts of the country, he said.

It would also be establishing seven central processing centres in Tamil Nadu, Andhra Pradesh and Karnataka, he added.