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Our Bureau

Coimbatore, July 28

City Union Bank (CUB) has proposed to increase its authorised capital to Rs 100 crore from the present level of Rs 30 crore. The bank's net worth has crossed the Rs 300-crore mark. The board met at Tiruchi today to take stock of the bank's performance during the first quarter of the current fiscal.

Its net profit has increased by 25 per cent to Rs 15.66 crore (Rs 12.51 crore) during the first quarter of 2006. Net interest margin increased to 3.59 per cent (3.31 per cent) and net interest income improved to Rs 37.56 crore (Rs 29.57 crore). Advances grew by 22 per cent to Rs 2,550 crore while deposits jumped by 15 per cent to reach Rs 3,555 crore.

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