BUSINESS

Rs 218 crore was the net profit for City Union Bank

The City Union Bank of Tamil Nadu said on Monday that their flat net income for the three months ended in March 2024 was Rs 218 crore, up from Rs 217.8 crore in the same period the previous year.

 

The bank with its headquarters in Kumbakonam reported a 7.5% decrease in net interest income to Rs 514.26 crore during the reporting quarter compared to Rs 555.7% in the same period last year, but it did not provide an explanation for the dip in an exchange filing.

Despite the institution, which was founded way back in 1904, reported a significant reduction in loan loss provisions—which dropped to Rs 159 crore from Rs 224.5 crore, an increase of 29.18 percentage points—profit remained constant, according to the bank.

Non-interest revenue decreased by 13.07% to Rs 195 crore from Rs 224.33 crore, while non-interest costs increased by 3.4% to Rs 292.23 crore from Rs 282.72 crore in the previous year. In an exchange filing, the bank said that loans increased by 6% to Rs 46,500 crore, while deposits decreased by 6% to Rs 55,657 crore.

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