CUB posts 16% growth in Q1

Chennai: Private sector City Union Bank (CUB) on Friday posted a 16% growth in Profit after Tax (PAT) at Rs 264 crore in the quarter ended June 30, 2024 against Rs 227 crore in the corresponding quarter last year. Its total deposits increased by 6% in Q1 FY25 at Rs 54,857 crore from Rs 51,655 crore during the year ago quarter.

However, the operating profit declined by nearly 11% at Rs 373 crore in Q1 FY25 from Rs 414 crore during the corresponding period of last year. Its total advances increased by 10% in the April-June quarter of 2024-25 at Rs 46,548 crore from Rs 42,405 crore in Q1 FY 24, the bank said in a statement. The gross NPA as on June 30, 2024 stood at 3.88%, a decrease from 4.91% in the corresponding period last year. Net NPA for Q1 FY25 also came down to 1.87% from 2.51% in the same period of the previous year (2023-24). Its net interest income grew by 10% at Rs 545 crore for Q1 FY25, which was at Rs 523 crore during the year ago quarter. tnn

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