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Last Updated : Jun 19, 2020 10:14 AM IST | Source: Moneycontrol.com

City Union Bank shares fall 5% after company posts Q4 loss; stock trading volumes surge

On the asset front, the bank witnessed a spike in bad loans as gross non-performing assets (NPAs) rose to 4.09 percent of the gross advances as on March 31, 2020, as against 2.95 percent in the year-ago corresponding quarter.

 
 
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City Union Bank share price fell over 5 percent intraday on June 19 after the company reported a loss for the fourth quarter ended March 2020.

The stock price shed over 44 percent in the last 6 months and was quoting at Rs 129.00, down Rs 7.95, or 5.81 percent at 09:58 hours. It has touched an intraday high of Rs 132.50 and an intraday low of Rs 122.40.

The stock also witnessed a spurt in volume by over 2.13 times. It was trading with volumes of 114,830 shares, compared to its five-day average of 29,274 shares, an increase of 292.26 percent.

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City Union Bank reported a loss of Rs 95.25 crore for the fourth quarter ended March 2020, due to a spike in bad loan provisioning. The private sector lender posted a net profit of Rs 175.11 crore during the corresponding quarter of the previous financial year 2018-19.

Sequentially, the bank registered a net profit of Rs 192.43 crore in the December 2019 quarter.

On the asset front, bad loans spiked as gross non-performing assets (NPAs) rose to 4.09 percent of the gross advances as on March 31, 2020, as against 2.95 percent in the year-ago corresponding quarter.

"The bank, based on available information at this point of time and as a prudent measure, has made a provision of Rs 125 crore in the current quarter that includes an ad-hoc COVID-19 provision of Rs 102 crore, over and above the (Reserve Bank of India) RBI-prescribed norms," it said.
First Published on Jun 19, 2020 10:14 am
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