City Union Bank has reported a 13% growth in net profit at Rs 112 crore during the fourth quarter ended March 31, 2016 as compared to Rs 99 crore during the same period last year. Total income of the bank stood at Rs 863.51 crore during the fourth quarter as against Rs 793.64 crore yearly, an increase around 8.8%.
N Kamakodi, MD & CEO, CUB said given the current economic scenario prevailing in the country the performance was good. He attributed the performance with steady increase in deposits, advances, net profit and NIM.The bank could maintain the asset quality without any big issues, though the atmosphere is not so conducive adding that the bank could maintain the asset quality since it stayed away large consortium- based lendings as well as exposure to the volatile infrastructure segment.
Growth mainly came from SMEs, trading and agriculture segments, said Kamkodi.
The net interest income of the bank increased by 22% to Rs 264 crore from Rs 205 crore while net interest margin of the bank increased to 3.96% from 3.40%.
Gross NPA of the bank stood at Rs 512 crore and 2.41% to gross advances. Net NPA of the bank stood at Rs 323 crore and 1.53% to net advances. Provision coverage ratio of the bank stood at 60%.
Deposits of the bank increased by around 13% to Rs 2,7158 crore from Rs 2,4075 crore while advances increased by around 17% to Rs 21,253 crore from Rs 18,089 crore. Total business of the bank increased by 15% to Rs 48,411 crore from Rs 42,164 crore.
Kamakodi said for the next two years the bank may not raise any capital as its bank's capital adequacy as on March 31, 2016 as per Reserve Bank of India (RBI) guidelines on Basel III norms is at 15.58% and tier-1 capital adequacy was 15.09%, well above regulatory requirements.
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