City Union Bank Q1 profit rises 15% on lower provisions



Private sector lender City Union Bank has reported a 15.2 percent year-on-year in net profit to Rs 161.6 crore, driven by lower provisions and stable asset quality.
Profit in the year-ago period was Rs 140.3 crore.
Net interest income, the difference between interest earned and interest expended, grew by 9.5 percent to Rs 374.8 crore compared to Rs 342.4 crore in same quarter last fiscal.

Asset quality was stable for the quarter ended June 2018. Gross non-performing assets as a percentage of gross advances were lower at 3.02 percent for the quarter against 3.03 percent in previous quarter while net NPA was unchanged at 1.70 percent sequentially.
Provisions for bad loans dropped 33.4 percent year-on-year to Rs 77.7 crore in Q1FY19 and also declined 9.85 percent on sequential basis.
Other income or non-interest income during the quarter fell 4.6 percent to Rs 129.11 crore but operating profit increased 0.8 percent to Rs 299.4 crore compared to year-ago.


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