MUMBAI: Tamil Nadu-based City Union Bank on Monday reported flat net income of Rs 218 crore for the three months ending March 2024 as against Rs 217.8 crore in the year ago period.
Net interest income of the Kumbakonam headquartered bank declined to Rs 514.26 crore in the reporting quarter, down 7.5% from Rs 555.7% a year ago, the bank said in an exchange filing without offering a reason for the same.
Profit remained flat despite the lender began in way back in 1904 reporting a massive improvement in loan loss provisions, which declined to Rs 159 crore from Rs 224.5 crore, an improvement of 29.18 percentage points, the bank said.
While non-interest income fell to Rs 195 crore from Rs 224.33 crore, a degrowth of 13.07%, non-interest expenses rose 3.4% to Rs 292.23 crore from Rs 282.72 crore a year ago. The bank in an exchange filing said deposits fell 6% to Rs 55,657 crore, while loans grew 6% to Rs 46,500 crore.