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Our Bureau

Chennai , June 20

City Union Bank is looking at opening branches in Maharashtra, Gujarat and Punjab. The bank is investing about Rs 20 lakh to add 24 branches to end March 2007 with 170 branches. ATMs will be set up at existing branches. The bank will introduce debit card facilities this year.

All branches will have core banking solution (CBS) implemented by Tata Consultancy Services by September. The bank will supplement e-credit, e-filing and e-treasury options in its CBS.

The bank is also looking at distributing non-life insurance products, said Mr S. Balasubramanian, Deputy General Manager, City Union Bank. It has a tie-up with Integrated Enterprises (India) Ltd for marketing its fixed deposit products.

The bank's total income grew by 24.5 per cent to Rs 55.56 crore in 2005-06, net income by 28.6 per cent to Rs 19 crore and total advances by 26.68 per cent to Rs 2,550 crore.

Net non-performing assets as a percentage of net advances declined from 3.37 to 1.95.

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