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Last Updated : Aug 12, 2015 03:09 PM IST | Source: Moneycontrol.com

City Union Bank Q1 net rises 12%; NII, operating profit aid

Net interest income, the difference between interest earned and interest expended, grew by 19.8 percent to Rs 223.6 crore compared to Rs 186.7 crore in the same quarter last fiscal.


Moneycontrol Bureau


Private sector lender City Union Bank's first quarter net profit increased 12 percent year-on-year to Rs 111.5 crore, driven by strong net interest income and operating profit despite fall in other income.


Net interest income, the difference between interest earned and interest expended, grew by 19.8 percent to Rs 223.6 crore compared to Rs 186.7 crore in the same quarter last fiscal.

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Non-interest income (other income) dropped 5.2 percent year-on-year to Rs 104.9 crore while operating profit climbed 14.2 percent to Rs 197.2 crore in the quarter ended June.


Provisions for bad loans in Q1 increased 5.6 percent to Rs 45.1 crore compared to Rs 42.7 crore in the year-ago period but sequentially declined 22.4 percent from Rs 58.1 crore.


Asset quality weakened a bit with the gross non-performing assets (NPA) rising 15 basis points sequentially and 10 bps year-on-year to 2.01 percent. Net NPA increased to 1.32 percent in June quarter from 1.30 percent in March quarter and 1.28 percent in same quarter last year.


In absolute term, gross NPA climbed 16.6 percent year-on-year and 7 percent quarter-on-quarter to Rs 359.4 crore and net NPA rose 14.6 percent Y-o-Y and 0.6 percent Q-o-Q to Rs 234.3 crore in Q1FY16.


At 12:50 hours IST, the scrip of City Union Bank was quoting at Rs 98.30, down Rs 1.65, or 1.65 percent on the BSE.

Posted by Sunil Shankar Matkar



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First Published on Aug 12, 2015 01:35 pm
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