City Union Bank net profit slips 17% in Q1

By: |
August 14, 2020 8:31 AM

Total deposits increased 5%, from Rs 39,100 crore to Rs 41,000 crore while advances registered a growth of 7%, from Rs 32,200 crore to Rs 34,500 crore.

The total business of the bank grew by 6%.The total business of the bank grew by 6%.

Kumbakonam-based private sector lender City Union Bank (CUB) on Thursday reported a 17% decline in its net profit to Rs 154.03 crore for the first quarter of FY21, against Rs 185.64 crore due to increased provisioning towards bad debts and Covid-19. Total income stood at Rs 1,209.94 crore, compared with Rs 1,192.53 crore.

In the first quarter, the bank provided Rs 50 crore towards bad debts, Rs 100 crore to meet any future contingency arising out of Covid, Rs 45 crore against tax, Rs 4 crore towards standard assets and Rs 3 crore towards restructuring. The provisioning stood at Rs 202 crore in Q1FY21, compared with Rs 165 crore in the corresponding quarter last fiscal, CUB said in a regulatory filing to the stock exchanges.

Gross NPA was slightly up at 3.90% as compared to 3.34%. Net NPA stood at 2.11% as against 1.89%. The provision coverage ratio was at 68%. The net interest margin (NIM) stood at 3.98%, falling from 4.11% in the year-ago period. Capital adequacy ratio (CRAR) stood at 16.77% (BaselIII), of which core CRAR was at 15.69%.

Total deposits increased 5%, from Rs 39,100 crore to Rs 41,000 crore while advances registered a growth of 7%, from Rs 32,200 crore to Rs 34,500 crore. The total business of the bank grew by 6%, from Rs 71,300 crore to Rs 75,500 crore, according to the investor presentation by the bank.

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