City Union Bank Q3 net up 8%

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Published: February 13, 2020 7:46:26 AM

Marginally impacting the asset quality slightly, the gross NPA increased to 3.50% in Q3, against 2.91% in the year-ago period and 3.41% in Q2.

city union bank, banking sectorThe provision coverage was at 65%.

Private sector lender City Union Bank on Wednesday reported an 8% rise in its net profit at Rs 192.44 crore for the third quarter of FY20, compared with `178.10 crore in the corresponding quarter last fiscal. Total income stood at `1203.24 crore, against `1086.45 crore, registering a growth of 11%.

Addressing a press conference here, N Kamakodi, MD & CEO, said considering the current economic situation, the overall performance of the bank has been satisfactory. Marginally impacting the asset quality slightly, the gross NPA increased to 3.50% in Q3, against 2.91% in the year-ago period and 3.41% in Q2. The net NPA level stood at 1.95% in Q3, compared with 1.74% in the corresponding quarter last fiscal and 1.90% in Q2.

The provision coverage was at 65%. “The fresh slippage in Q3 was to the tune of `230 crore and the recovery was about `127 crore plus `52 crore towards written-off accounts.”

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