The oldest Private Sector Bank in India City Union Bank Ltd. reported a higher net profit for the fourth-quarter, on increased net interest and non-interest income.
The Kumbakonam, Tamil Nadu-based bank posted a fourth quarter net profit of Rs.82.48 crore or Re.1.72 per share, whereas it reported Rs.71.98 crore or Rs.1.47 per share in the corresponding quarter of the preceding year. Net profit and earnings per share rose by 15 and 17 percent respectively.
Its quarterly net interest income rose by 27 percent to Rs.173.31 crore from Rs.136.65 crore for the same period last year, while non-interest income for the quarter grew by 32 percent to Rs.80.56 crore from the Rs.61.21 crore in the year-ago quarter.
The bank's total income for the quarter rose by 26 percent to Rs.677.98 crore from the Rs.537.32 crore during Q4FY112
Operating profit before provisions and contingencies for the quarter amounted to Rs.149.67 crore, compared with Rs.114.23 crore in the prior-year quarter, registering a 31 percent growth.
For the twelve months, its stand-alone net profit totaled Rs.322.02 crore, up by 18 percent from the Rs.280.25 crore in the corresponding period in 2012. For the twelve-month period, its net interest income increased by 25 percent to Rs.624.01 crore from the Rs.499.75 crore for the same period last year. Non-interest income stood at Rs.273.64 crore, compared with last year's Rs.207.13 crore, an increase of 32 percent.
For the twelve-month period, the total income amounted to Rs.2,462.39 crore, up by 29 percent from the Rs.1,903.91 crore for the comparable period in 2012.
The capital adequacy as at the end of March was 13.98 percent, as per Basel-II.
Gross NPA as a proportion of gross customer assets were 1.13 percent, while net NPA as a proportion of net customer assets stood at 0.63 percent as at the end of March this year.
The bank's total deposits at the end of March this year increased by 24 percent to Rs.203,048 crore from the Rs.163,408 crore as on March 31 last year, while gross advances rose by 26 percent to Rs.152,461 crore from the Rs.121,375 crore as at the end of March 2012.
The bank's Board has not recommended final dividend for the fiscal year 2013.
At the BSE, City Union Bank shares are currently trading at Rs.56.30, up 1.81 percent from the previous close.
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