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Kumbakonam-based City Union Bank reported an 18 per cent increase in net profit to ₹152 crore for the fourth quarter ended March 31, 2018, against ₹129 crore in the corresponding quarter last year.
Net interest income was up 18 per cent to ₹368 crore (₹311 crore) as the private bank saw increase in all its areas of business, said the bank’s Managing Director and CEO N Kamakodi.
For financial year ending March 31, 2018, the bank’s net profit rose 18 per cent to ₹592 crore (₹503 crore). Net interest income was up 19 per cent to ₹1,430 crore (₹1,199 crore).
For 2017-18, the bank’s directors have recommended a dividend of 30 per cent (30 paise) on shares of face value ₹1 each and issue of bonus shares at one for every 10 shares held, he said.
In 2017-18, deposits rose 9 per cent to ₹32,853 crore (₹30,116 crore) and advances by 17 per cent to ₹28,238 crore (₹24,112 crore). Total business was up 13 per cent to ₹61,091 crore (₹54,228 crore).
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