The bank's bad assets increased in the quarter, with gross NPA at 5.59%, rising from 3.90%. Net NPA too rose to 3.49% from 2.11%.
City Union Bank (CUB) has reported a 12% increase in its net profit at Rs 173 crore for the first quarter of FY22, compared with Rs 154 crore in the corresponding quarter of previous fiscal. Total income of the bank was lower at Rs 1,193 crore, against Rs 1,210 crore.
The bank’s bad assets increased in the quarter, with gross NPA at 5.59%, rising from 3.90%. Net NPA too rose to 3.49% from 2.11%.
Net interest income was up by 2%, from Rs 437 crore to Rs 448 crore, while net interest margin stood at 3.86%, the lender said in a release.
Total business rose 7%, from Rs 75,562 crore to Rs 81,001 crore. Deposits increased 9%, from Rs 41,026 crore to Rs.44,606 crore, while advances grew 5% to Rs 36,395 crore from Rs 34,536 crore. CASA deposits increased by 22% to Rs 12,299 crore, it said.
The bank’s capital adequacy as per Basel III norms stood at 19.58% and tier-1 capital adequacy was at 18.51%, well above the regulatory requirement.