City Union Bank (CUB), among the oldest private sector banks in the country, has

RELATED ARTICLES City Union Bank Q4 net up 14.58% at Rs 82.48cr

posted satisfying numbers for the third quarter of this fiscal. The bank’s profit after tax grew by 18 per cent to Rs 85 crore when compared with Rs 72 crore in Q3FY12, driven by strong growth in interest income and total business.

Net interest income of the bank rose by 33 per cent to Rs 163 crore as against Rs 123 crore. Total income stood at Rs 621 crore in Q3FY13 as against Rs 489 crore in the same period a year ago, driven by buoyant growth in interest income at Rs 556 crore during the third quarter of current fiscal. Net interest margin for the quarter was 3.45 per cent when compared with 3.24 per cent in a year-ago period.

“We posted reasonable growth amid continuing sluggishness in the economy,” N Kamakodi, managing director and chief executive officer of the bank said here on Friday. Total business of the bank was up 27 per cent at Rs 33,556 crore.

Deposits saw a growth of 24 per cent at Rs 19,044 crore, while advances were up about 32 per cent at Rs 14,512 crore. Gross NPA stood at 1.23 per cent during Q3FY13 from 1.17 per cent in a year-ago period. Net NPA rose to Rs 91.43 crore from Rs 56.07 crore and in percentage terms it has increased to 0.63 per cent from 0.51 per cent. The bank recovered Rs 14.22 crore during the quarter.Bank’s balance sheet size increased by 24 per cent to Rs 21,500 crore as on December 31, 2012.

Capital adequacy ratio stood at 12.39 percent, down by 87 basis points quarter-on-quarter compared to 13.26 percent.