CUB net rises 15% on drop in provisions
The Hindu
Gross NPAs rose to 5.21% from 2.94% and net NPA more than doubled to 3.44% from 1.47%.
City Union Bank Ltd.’s (CUB) standalone net profit for the third quarter ended December rose 15% to ₹196 crore from the year-earlier period on account of lower provisions.
Interest income contracted to ₹1,035 crore from ₹1,048 crore, net interest income remained flat at ₹490 crore, non-interest income contracted 27% to ₹160 crore. Net interest margin dropped to 4% from 4.16%, it said in a regulatory filing.
Provisions declined by ₹105 crore to ₹173 crore. Provision coverage ratio was down to 62% from 73%. The bank had a capital adequacy ratio of 19.39%.
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