Private sector City Union Bank has reported a 17% jump in its net profits at ₹254.81 crore for the January-March 31, 2024 quarter, based on improved recovery from slippages.
The Tamil Nadu-based bank had registered a net profit of ₹218.04 crore during the corresponding quarter of last year.
For the financial year ending March 31, 2024, the net profits of the bank breached the ₹1,000 crore mark, with ₹1,015.73 crore, up by 8% from ₹937.47 crore registered a year ago.
“Improved recovery resulting in lowering provisioning helped to achieve growth in PAT,” the bank said in a statement on Tuesday.
The total income during the quarter under review went up to ₹1,549.34 crore from ₹1,423.09 crore registered in the same quarter of last year.
For the financial year ending March 31, 2024, the total income surged to ₹6,012.22 crore, as against ₹5,524.69 crore registered a year ago.
In a press release, the bank said it crossed Rs one lakh total business milestone by reaching ₹1,02,138 crore in FY2024 for the first time.
The bank had clocked a total business to the tune of ₹96,369 crore in the same period of last year.
Total deposits for the year ending March 31, 2024 were at ₹55,657 crore while advances ₹46,481 crore.
Gross NPA as of March 31, 2024, was ₹1,854 crore (3.99%) while net NPA stood at ₹899 crore (1.97%), the bank said.
