City Union Bank Q4 profit jumps 17%

22 May 2024 , 10:37 PM

City Union Bank reported a 17% increase in net profit for Q4 FY24, reaching ₹254.81 Crore. The bank had a net profit of ₹218.04 Crore in the same quarter last year.

For the financial year ending March 31, 2024, net profit surpassed ₹1,000 Crore, totaling ₹1,015.73 Crore, an 8% increase from ₹937.47 Crore the previous year. Improved recovery and reduced provisioning contributed to the growth in profit after tax (PAT).

Total income for Q4 FY24 rose to ₹1,549.34 Crore, compared to ₹1,423.09 Crore in the same quarter last year. For the financial year ending March 31, 2024, total income increased to ₹6,012.22 Crore, up from ₹5,524.69 Crore the previous year.

The bank reached a milestone of ₹1,02,138 Crore in total business for FY24, surpassing the ₹1 lakh Crore mark for the first time. Total business in the previous year was ₹96,369 Crore.

Total deposits for FY24 were ₹55,657 Crore, while advances were ₹46,481 Crore. As of March 31, 2024, gross NPA stood at ₹1,854 Crore (3.99%), and net NPA was ₹899 Crore (1.97%).

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