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City Union Bank Profit Rises
Based on better recovery from slippages, private sector City Union Bank reported a 17% increase in net earnings at Rs 254.81 crore for the quarter ending March 31, 2024.
The bank, which is headquartered in Tamil Nadu, reported a net profit of Rs 218.04 crore during the same quarter previous year.
The bank’s net earnings for the fiscal year ending March 31, 2024, came in at Rs 1,015.73 crore, surpassing the Rs 1,000 crore milestone. This represents an 8% increase over the previous year’s net profits of Rs 937.47 crore.
The bank stated in a statement on Tuesday that “growth in PAT was achieved through improved recovery leading to lowering provisioning.”
From Rs 1,423.09 crore recorded in the same quarter of last year to Rs 1,549.34 crore during the reviewed quarter, the total income increased.
The total income for the fiscal year that concluded on March 31, 2024, increased to Rs 6,012.22 crore from Rs 5,524.69 crore in the previous year.
The bank announced in a news statement that it had achieved a milestone in its overall business of Rs one lakh by surpassing Rs 1,02,138 crore for the first time in FY2024.
In the same period the previous year, the bank recorded a total business of Rs 96,369 crore.
For the year that ended on March 31, 2024, there were Rs 55,657 crore in total deposits and Rs 46,481 crore in total advances.
The bank stated that as of March 31, 2024, net non-performing assets (NPA) were Rs 899 crore (1.97%) and gross non-performing assets (RPA) were Rs 1,854 crore (3.99%).
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