Bank performance results for the 4th Quarter and for the Financial Year 2017-18

City Union Bank Limited announced its performance results for the 4th Quarter and for the Financial Year 2017-18 on 24th May 2018. Earlier, during the day, Board of Directors approved the working results for Q4 FY 2018. Dr. N. Kamakodi, Managing Director & CEO of City Union Bank stated that the Bank witnessed a robust growth in Advances and CASA Deposits. It may be noted that the Bank have posted a significant 18% growth in net profit which is at Rs. 592 Crore. The Board of Directors has recommended for the FY 2017-18, a dividend of 30% (i.e.30 paise) for face value of Re.1/- per equity share and issue of bonus @ 1 share for every 10 shares held subject to the approval of shareholders. The Net Interest Income increased by 18% to Rs.368 Crore from Rs.311 Crore. The Operating Profit increased by 19% to Rs. 294 Crore from Rs.248 Crore and Net profit increased by 18% to Rs.152 Crore from Rs.129 Crore. The Bank continues to expand its Core Banking Services with a network of 600 branches and 1,621 ATMs as on 31.03.2018.The advances grew by 17% from Rs. 24,112 Crore to Rs.28,238 Crore and the net interest income surged by 19% from Rs.1,199 Crore to Rs.1,430 Crore. Deposits increased by 9% from Rs.30,116 Crore to Rs.32,853 Crore. Total Business was up by 13% from Rs.54,228 Crore to Rs. 61,091 Crore. Gross Profit increased by 22% from Rs.994Crore to Rs.1208 Crore. CASA deposits increased by 13% from Rs. 7,039 Crore to Rs.7,957 Crore and the CASA ratio stood at 24% to total deposits.Net Interest Margin of the bank increased from 4.17% to 4.42% Gross NPA of the Bank stood at Rs. 857 Crore at 3.03 % to Gross Advances. Net NPA of the Bank stood at Rs.475 Crore at 1.70% to Net Advances. The Bank’s capital adequacy as on March 31, 2018 as per Reserve Bank of India (RBI) guidelines on Basel III norms is 16.22% and Tier-1 capital adequacy was 15.79%, well above regulatory requirements.