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Private sector lender City Union Bank (CUB) has reported a 15 per cent increase in net profit at ₹162 crore for the quarter ended June 30, 2018, against ₹140 crore in the year-ago period.
Though its operating profit was almost flat, lower provisions, on the back of stable asset quality, helped the bank post growth in bottomline.
Its gross NPA was down marginally to 3.02 per cent as of June this year from 3.05 per cent in the prior-year quarter, while net NPA reduced to 1.70 per cent from 1.79 per cent during the same period.
CUB’s operating profit was almost flat at ₹299 crore (₹297 crore). Net interest income grew 9 per cent at ₹375 crore compared to ₹342 crore in the first quarter of the previous fiscal. Net interest margin was 4.24 per cent against 4.47 per cent. Other operating income fell 5 per cent at ₹129 crore (₹135 crore).
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