Private sector lender City Union Bank (CUB) on Friday reported a 4% rise in its profit after tax (PAT) to Rs 218 crore for the fourth quarter of FY23, compared with Rs 209 crore in the year-ago period. Total income stood at Rs 1,423 crore, against Rs 1,253 crore, registering a growth of 14%.
For FY23, the PAT grew 23% to Rs 937 crore from Rs 760 crore last year while total income clocked a growth of 14% to Rs 5,525 crore from Rs 4,864 crore.
The bank earned net interest income (NII) of Rs 514 crore for Q4, compared with Rs 501 crore in the corresponding quarter last fiscal. For FY23, the NII increased 13% and stood at Rs 2,163 crore, against Rs 1,916 crore last fiscal. The net interest margin was at 3.89%.
Non-interest income for Q4 was at Rs 195 crore, against Rs 203 crore. For FY23, it increased 7% to Rs 810 crore from Rs 759 crore, CUB said in a release.
Gross NPAs reduced to 4.37% from 4.70% while net NPA was brought down to 2.36% from 2.95%. The provision coverage ratio improved to 69% as against 64% last year.
The capital adequacy as per Basel III norms was at 22.34% and tier-1 capital adequacy was at 21.27%, well above the regulatory requirement.
Total deposits increased 10% to Rs 52,398 crore from Rs 47,690 crore. Cost of deposits fell to 4.66% from 4.68%.