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City Union Bank has reported a marginal increase in net profit at ₹281 crore for the quarter ended September 30, 2023, compared with ₹276 crore in the year-ago quarter due to lower operating profit.
Its operating profit fell 15 per cent at ₹387 crore compared with ₹456 crore in Q2 of the previous fiscal, on the back of lower net interest income, which dropped to ₹538 from ₹568 crore in Q2 of FY23, according to a statement.
Interest income grew 10 per cent to ₹1,304 crore against ₹1,181 crore, while non-interest income rose 5 per cent to ₹182 crore (₹173 crore).
Gross NPA increased to 4.66 per cent as of the September 2023 quarter compared with 4.36 per cent in the year-ago quarter, but reported a decline when compared with 4.91 per cent in the preceding quarter. Net NPA stood at 2.34 per cent against 2.69 per cent in the year-ago quarter and 2.51 per cent in Q1 of this fiscal.
- Also read: PNB Q2 net vaults 327% to ₹1,756 crore
For the half year ended September 30, 2023, the company reported a net profit of ₹508 crore compared with ₹502 crore in the year-ago period.
Deposits increased to ₹52,714 crore compared with ₹49,878 crore in the same period past year. CASA portion stood at 30 per cent of total deposits. Advances increased to ₹43,688 crore (₹42,702 crore).
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