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City Union Bank, on Friday, posted a 52 per cent year-on-year growth in its second quarter net profit at ₹276.46 crore. The Kumbakonam-headquartered bank’s net profit in the same quarter last fiscal stood at ₹182.10 crore.
Total income of the lender during the quarter grew by 11 per cent to ₹1,354.65 crore (₹1,224.94 crore), while its net interest income grew by 19 per cent to ₹567.91 crore, against ₹478.26 crore during the comparable period. On a half-yearly basis, the total deposits of the bank increased by 8 per cent to ₹49,878 crore (₹46,316 crore) between April-September, within which, CASA deposits grew by 16 per cent to ₹13,411 crore (₹15,609 crore). As of September 2022, CASA deposits accounted for 31 per cent of total deposits.
On the assets side, total advances of the bank increased by 12 per cent in the first half of the current fiscal to ₹42,701 crore (₹38,012 crore). The bank also said its gross non-performing assets (NPA) as on September 30, 2022 reduced to 4.36 per cent from 5.58 per cent in H1FY22. Net NPA also declined to 2.69 per cent from 3.48 per cent during this period. The bank’s provision coverage ratio as of September quarter stood at 66 per cent.
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