Private sector lender City Union Bank (CUB) has reported a 15 per cent increase in its net profit at ₹186 crore for the quarter ended June 30, 2019 as against ₹162 crore in a year-ago period.
Its operating profit grew 17 per cent at ₹351 crore as against ₹299 crore on the back of higher net interest income, which grew 11 per cent at ₹417 crore (₹375 crore ).
The other operating income rose 26 per cent at ₹163 crore (₹129 crore).
However, asset quality saw some set back with its gross NPA increasing to 3.34 per cent as of June this fiscal from 3.02 per cent in the previous year’s quarter. The net NPA increased to 1.89 per cent from 1.70 per cent during the same period.
Advances grew 14 per cent to ₹32,229 crore (₹28,215 crore as of June 2018), while total deposits went up by 16 per cent to ₹39,077 crore (₹33,597 crore).
CASA (current account savings account) increased by 14 per cent to ₹9161 crore from ₹8,038 crore and the CASA ratio stood at 23 per cent of total deposits.
The provision coverage ratio stood at 65 per cent as on June 30, 2019. The bank’s return on assets stood at 1.63 per cent during the first quarter of this fiscal.
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