NEW DELHI: Private sector City Union Bank has reported 10% increase in net profit at Rs 217.83 crore for the October-December 2022 quarter, the Tamil Nadu-based bank said on Saturday. The Tamil Nadu-based bank’s net profit was at Rs 196.11 crore in the corresponding period of last year.
For the nine month period ending December 31, 2022, the net profit of the bank surged to Rs 719.43 crore from Rs 551.20 crore registered in same period of previous year. Total income during the quarter under review surged to Rs 1,429.97 crore from Rs 1,195.24 crore registered in same period of previous year. Total income for the nine month period ending December 31, 2022, went up to Rs 4,101.60 crore from Rs 3,610.98 crore registered year ago, the bank said. Operating expense is Rs.283 cr for Q3 FY23 as against Rs.280 crs in Q3 FY 22. For 9M FY 23, the operating expenses was at Rs 863 crore as against Rs 816 cr for the corresponding period last year.
Gross profit had increased by 35% in Q3FY23, and was at Rs 497 crore as against Rs 370 crore in Q3FY22. For 9M FY23 it had grown by 21% and stood at Rs 1,401 crore as against Rs 1,155 crore for the same period as compared to the last year.The bank made a provision of Rs 682 cr as of 31.12.2022. The total provision towards bad and doubtful debts is Rs 515 cr in 9M FY 23 as against Rs 439 cr in the corresponding period last year.