Published: Fri, August 11, 2017
Culture | By Stewart Greene

City Union Bank posts Rs 140 crore profit

City Union Bank posts Rs 140 crore profit

Total income of the bank also fell to Rs 5,174.50 crore during the three months to June this fiscal, as against Rs 5,868.44 crore on account of reduction in interest rates, the bank said in a regulatory filing. The bank made marginally more with its revenue from treasury operations improving to Rs 1,651.65 crore in the first-quarter from Rs 1,614.03 crore for the same quarter a year ago. Gross non-performing assets (NPAs) ratio declined sequentially, and was 13.05% as on June 30, 2017, against 13.22% as on March 31, 2017.

The total stressed assets (gross NPA + restructured standard assets) as percentage of global gross advances declined from 16.47% in June 2016, to 16.03% in June 2017.

On NPA management, IOB said the recovery during the June quarter is significantly higher at Rs 2,784 crore as against Rs 1,465 crore in the year ago corresponding period.

On NSE, it jumped 3.86 per cent to close at Rs 158.45.

The bank is targeting a credit and deposit growth of 8-10% in the fiscal 2017-18.

Shares of the company closed at Rs 374.40 per scrip, down 3.11 per cent on BSE. Net interest margin (NIM) - a measure of how much the bank earns versus its liability costs - stood at 1.65% compared to 1.87% a year ago.

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