The net profit of City Union Bank (CUB) has almost doubled to ₹208.95 crore in the fourth quarter of FY22 as against a net profit of ₹111.18 crore in same quarter of FY21. Interest income, on a year-on-year basis, grew by 8 per cent to ₹1,049.92 crore (₹976.34 crore) in the January-March quarter of FY22.
The bank's operating profit jumped 47 per cent to ₹439.85 crore (₹298.70 crore) during the fourth quarter. Provisions for bad loans and other contingencies grew by 23 per cent to ₹230.9 crore from ₹187.52 crore.
Full-year profit up 28%
For the full year, the bank's net profit grew by 28 per cent to ₹760.16 crore (₹592.82 crore) in FY22 while its interest income grew marginally to ₹4,104.78 crore (₹4,134.68 crore in FY21).
The bank's gross non-performing assets (NPAs) as a percentage of gross advances fell to 4.70 per cent in FY22 from 5.11 per cent during the previous fiscal while its net NPA ratio marginally declined to 2.95 per cent from 2.97 per cent during this period.
Total business of the bank grew by 9 per cent to ₹88,846 crore (₹81,558 crore) in FY22. While deposits grew by 7 per cent to ₹47,690 crore, advances grew by 11 per cent to ₹41,156 crore during FY22.
The bank’s capital adequacy ratio as per RBI's Basel III norms as of March 2022 stood at 20.85 per cent and Tier-1 capital adequacy was 19.78 per cent, well above regulatory requirements.