City Union Bank Q1 results: Net profit down 17% at Rs 154 cr

City Union Bank Q1 results: Net profit down 17% at Rs 154 cr

NEW DELHI: Personal sector City Union Bank (CUB) on Thursday reported a 17 per cent decline in score profit at Rs 154.04 crore for the June quarter.

The financial institution had posted a score profit of Rs 185.65 crore in the corresponding length of the outdated fiscal, CUB mentioned in a regulatory filing.

It had logged an absence of Rs 95.29 crore in the previous quarter ended March 2020.

Whole earnings during April-June 2020-21 rose to Rs 1,209.95 crore from Rs 1,192.53 crore in the same quarter final year.

Provisions for immoral loans and contingencies elevated to Rs 157 crore from Rs 115.75 crore earlier. On the other hand, it used to be down substantially from Rs 450.38 crore parked aside in the previous Q4 FY20.

Asset quality showed dinky deterioration, with the unsuitable non-performing sources (NPAs) rising to three.90 per cent of the unsuitable advances as on June 30, 2020, from 3.34 per cent as on June 30, 2019.

In charge phrases, unsuitable NPAs stood at Rs 1,346.09 crore as in comparison to Rs 1,076.22 crore earlier.

Ranking NPA ratio too elevated to 2.11 per cent (Rs 716.35 crore) from 1.89 per cent (Rs 599.96 crore).

On the COVID-19 explain, the financial institution mentioned it has ample capital and ample liquidity to present a enhance to its industry enhance which would perhaps well continue to be the focus residence during this era.

City Union Bank mentioned it has made an additional advert-hoc provision of Rs 100 crore to meet any future contingency springing up out of the pandemic.

“Thus the total provision on this regard held by the financial institution as on June 30, 2020 is Rs 202 crore which is over and above the RBI prescribed norms,” it added.

Provision protection ratio as per RBI guidelines is 68 per cent as on June 30, 2020, the financial institution mentioned.

The financial institution’s scrip closed at Rs 116.80 apiece on BSE, down 0.97 per cent.

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