City Union Bank has reported double-digit growth across various financial indicators for the quarter ending December 31, 2024. The bank’s net profit rose by 13% to ₹286 crore, driven by a 20% increase in operating profit. Operating profit grew to ₹436 crore, despite higher provisions, which increased to ₹75 crore. Interest income saw a 12% increase to ₹1,479 crore, while non-interest income grew by 18% to ₹228 crore. Net interest income also increased by 14% to ₹588 crore.
The bank’s asset quality improved significantly, with gross non-performing assets (NPA) decreasing to 3.36% from 4.47% in the same quarter last year. Net NPA also decreased to 1.42% from 2.19% a year ago. Deposits increased by 11% to ₹58,271 crore, while advances grew by 15% to ₹50,409 crore.
For the nine months ending December 31, 2024, the bank reported a net profit of ₹836 crore, a 10% increase from ₹761 crore in the same period last year. The bank’s capital adequacy ratio, in compliance with RBI’s Basel III norms, was 22.26%, with Tier-1 capital adequacy at 21.29%, well above the regulatory requirements.
Overall, City Union Bank’s financial performance for the quarter ending December 31, 2024, was marked by strong growth in operating profit, interest income, and non-interest income, as well as significant improvement in asset quality. The bank’s capital adequacy ratio also remained strong, providing a solid foundation for future growth.