City Union Bank has achieved a milestone in FY24 as the old private sector bank’s total business crossed the ₹1 lakh crore mark for the first time.
The Kumbakonam-headquartered bank has achieved this record in its 120th year of operations. The bank’s total business crossed the ₹50,000 crore mark in FY17, and the second ₹50,000 crore has been achieved in just seven years. The bank management couldn’t be reached for more details or a comment.
As of March 31, 2023, the bank’s total business stood at ₹96,369 crore, up from ₹88,846 crore a year ago. In the December 2023 quarter, the bank’s total business stood at ₹96,744 crore, and it reported a profit after tax of Rs.253 crore.
City Union Bank is bigger than Tamilnad Mercantile Bank in terms of business size but smaller than Karur Vavya Bank.
Tamilnad Mercantile Bank’s total business stood at ₹85,016 crore in FY23, up from ₹78,425 crore a year ago, while Karur Vysya Bank’s total business stood at ₹1,40,806 crore as of March 31, 2023, up from ₹1,25,362 crore as of March 31, 2022.
While final financial numbers of CUB are awaited, N Kamakodi, MD & CEO of CUB had indicated, during the bank’s Q3FY24 earnings call, that CUB would end the year FY24 with growth in the range of 12-15 per cent.
On Saturday, the bank opened its newly constructed office – CUB Bhavan – inside the Guindy Industrial Estate in Chennai. CUB recently opened its 800th branch at Ayodhya, Uttar Pradesh.