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City Union Bank has reported a 42 per cent growth in net profit at Rs 57.70 crore for the quarter ended December 2010, compared with Rs 40.65 crore during the corresponding period of the previous fiscal.
The bank's total income swelled 25.3 per cent to Rs 349.29 crore (Rs 278.58 crore), and operating profit by 27 per cent to Rs 90 crore against Rs 71 crore during the third quarter of 2009-10. The net interest margin for the quarter stood at 3.48 per cent and the return on assets at 1.71 per cent. The net interest income during the first nine months grew 57.8 per cent to Rs 300.9 crore (Rs 190.66 crore) and operating profit by 45 per cent to Rs 263.6 crore (Rs 182.21 crore).
The gross NPA fell to 1.28 per cent from 1.99 per cent and net NPA to 0.53 per cent (1.09 per cent). Total deposits increased to Rs 11,978 crore as on December 31, 2010 from Rs 8,857 crore as at end December 2009.
Gross advances rose to Rs 8,517 crore ( Rs 6,097 crore). CASA grew by 25 per cent while term deposits were up 38 per cent. During the current fiscal, the bank so far has opened 14 branches and 37 ATMs (including off-site 10 ATMs).
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