City Union Bank Ltd. has reported a 12% increase in standalone net profit to ₹173 crore for the first quarter of FY22.
Net interest income rose 2% to ₹448 crore, while net interest margin stood at 3.86%. Total income declined by 1.4% to ₹1,193 crore, interest income contracted by 5% to ₹997 crore and non-interest income rose 22% to ₹196 crore, the lender said in a statement.
Gross NPAs rose to 5.59% from 3.9% and net NPAs to 3.49% from 2.11%. Provisions rose to ₹170 crore from ₹157 crore and the provisions coverage ratio stood at 63%.
Total deposits increased by 9% to ₹44,606 crore and advances by 5% to ₹36,395 crore.
The bank had classified one account as ‘fraud’ amounting to ₹17.62 crore and provided ₹4.40 crore during the quarter.
Please Email the Editor