Money & Banking

City Union Bank net slips 17 per cent in Q1

Our Bureau Chennai | Updated on August 14, 2020 Published on August 13, 2020

City Union Bank (CUB) has bounced back to profit mode during the first quarter of this fiscal after reporting a loss in Q4 of previous fiscal.

It registered a net profit of ₹154 crore for the first quarter when compared with a net profit of ₹186 crore in the year-ago period.

Profit before tax for the quarter was impacted on account of additional provision made to the tune of ₹100 crore towards Covid-19 to meet any future contingency, said a company statement

Its total provisions for Q1 of this fiscal were ₹202 crore (including the Covid-19 provision) as against ₹166 crore in the year-ago quarter. Its operating profit was marginally higher at ₹356 crore (₹351 crore), on the back of a modest rise in total income at ₹1,210 crore (₹1,192 crore).

Interest income was higher at ₹1,049 crore (₹1,029 crore), while other income saw a marginal drop at ₹161 crore (₹163 crore)

Total Deposits increased by five per cent for Q1 FY 2021 to ₹41,026 crore (₹39,077 crore). CASA increased by 10 per cent to ₹10,098 crore (₹9,161 crore). Cost of Deposits fell to 5.89 per cent (6.27 per cent). Total Advances grew 7 per cent at ₹34,536 crore (₹32,229 crore). Credit Deposit ratio stood at 84 per cent.

The Gross NPA as on June 30, 2020 was at 3.90 per cent, down from 4.09 per cent in Q4 of FY20 and net NPA was at 2.11 per cent, down from 2.29 per cent in March 2020 quarter). The Provision Coverage Ratio as on June 30, 2020 was at 68 per cent.

 

As on July 31, 2020, the Bank sanctioned ₹1,583 crore and disbursed ₹1,218 crore under the ECLGS window for non-individuals. For the individuals and the relaxation in turnover and exposure (scheme announced on August 4, 2020) the Bank estimates that approximately eligible exposure shall be ₹8,163 crore and the disbursal could be about ₹1,632 crore.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on August 13, 2020
This article is closed for comments.
Please Email the Editor