BENGALURU: Private sector lender City Union Bank on Friday reported an 88% increase in its fourth-quarter net profit to Rs 209 crore compared to Rs 111 crore in the same quarter last year. For the full fiscal year FY22, the bank’s net profit increased by 28% to Rs 760 crore compared to Rs 593 crore in FY21.
Its total income in the fourth quarter stood at Rs 1,253 crore, a 10% increase compared to Rs 1,135 crore in the year-ago period. The bank’s net interest income in the fourth quarter increased to Rs 501 crore from Rs 429 crore.
The bank’s bad loans or gross non-performing assets stood at Rs 1,933 crore from Rs 1,893 crore in the year-ago period. Its Net NPAs declined to 2.95% from 2.97%. The bank’s CASA deposits increased by 20% to Rs 15,529 crore.
As of March 31, 2022, the bank’s deposits stood at Rs 47,690 crore and advances at Rs 41,156 crore. Its net interest margin was 3.98% and its efficiency ratio stood at 40.37%. The shares of the bank closed at Rs 126.65 on Friday, a 0.12% increase from its previous close on the BSE.