City Union Bank fourth quarter results: Net profit rose 17% year-on-year to Rs 254.81 crore.
For the financial year ending March 31, 2024, the bank’s net profit crossed the billion-dollar mark at Rs 1,015.73 million, up 8% from Rs 937.47 million registered a year ago.
“Improving recovery led to lower provisions, which helped achieve PAT growth,” the bank said in a statement on Tuesday.
Total income for the quarter under review increased to Rs 1,549.34 crore from Rs 1,423.09 crore registered in the same quarter last year.
Total revenue for the financial year ending March 31, 2024, jumped to Rs 6,012.22 crore compared to Rs 5,524.69 crore registered a year ago. In a press release, the bank said it crossed the total business milestone of Rs 1 lakh by achieving Rs 1,02,138 crore for the first time in FY2024. During the same period last year, the bank’s total operating performance reached 96.369 billion rupees. Total deposits for the year ended March 31, 2024 were Rs 55,657 crore and advances were Rs 46,481 crore.
As on March 31, 2024, gross NPAs were Rs 1,854 crore (3.99%) and net NPAs were Rs 899 crore (1.97%), the bank said.
