City Union Bank on Tuesday reported a 17 per cent jump in its net profit to Rs 254.81 crore for the March 2024 quarter, based on improved recovery from slippages. The Tamil Nadu-based private sector bank’s total income during January-March 2024 rose to Rs 1,549.34 crore, compared with Rs 1,423.09 crore in the year-ago period.
Its net profit had stood at Rs 218.04 crore during the corresponding quarter last year.
For the financial year ending March 31, 2024, the net profits of the bank breached the Rs 1,000 crore mark, with Rs 1,015.73 crore, up by 8 per cent from Rs 937.47 crore registered a year ago.
“Improved recovery resulting in lowering provisioning helped to achieve growth in PAT,” the bank said in a statement on Tuesday.
For the financial year ending March 31, 2024, the total income surged to Rs 6,012.22 crore, as against Rs 5,524.69 crore registered a year ago.
In a press release, the bank said it crossed Rs 1 lakh total business milestone by reaching Rs 1,02,138 crore in FY2024 for the first time. The bank had clocked a total business to the tune of Rs 96,369 crore in the same period of last year. Total deposits for the year ending March 31, 2024 were at Rs 55,657 crore while advances Rs 46,481 crore.
Gross NPA as of March 31, 2024, was Rs 1,854 crore (3.99 per cent) while net NPA stood at Rs 899 crore (1.97 per cent), the bank said.
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