Money & Banking

City Union Bank net profit up 11%

Our Bureau Chennai | Updated on November 07, 2014 Published on November 07, 2014

City Union Bank Chairman and Managing Director N. Kamakodi

City Union Bank has posted a net profit of Rs. 93.74 crore * for the quarter ended September 30, 2014 as compared to Rs. 84.35 crore * during the corresponding quarter last fiscal year.

Total Income for the quarter ended September 2014 has increased to Rs. 773 crore from Rs. 697.15 crore during the previous year quarter

The bank’s Chairman and Managing Director N. Kamakodi attributed the better performance to the bank saying no to big ticket lending of over ₹100 crore and focussing more on the small and medium size companies – a domain that the bank is comfortable in dealing with.

“We are not concentrating on growth but on improving profitability,” he told newspersons.

It is usually said that when the economy is bad, the SME and agricultural sectors are the first to be hit followed by large companies. However, in the bank’s case, it was the reverse. The repayment is good among SMEs and agricultural sectors, he said.



. * The second quarter figures were edited for correction.

Published on November 07, 2014
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