Private sector City Union Bank has released its fourth quarter FY24 results today on May 21. The company's net profit has increased by 17 percent in the January-March quarter. The company has earned a profit of Rs 254.81 crore during this period. The Tamil Nadu-based bank had reported a net profit of Rs 218.04 crore during the same quarter last year. Amid the results, the bank's shares saw a decline of 5.29 percent today. This stock closed at Rs 145 on BSE.
How were the results of City Union Bank?
City Union Bank's net profit crossed the Rs 1,000 crore mark for the financial year ending March 31, 2024. The company earned a profit of Rs 1015.73 crore during this period, which is 8 percent more than the Rs 937.47 crore recorded a year ago. “Better recovery led to reduction in provisions, which helped in achieving growth in PAT,” the bank said in a statement on Tuesday.
The total income of the bank during the March quarter increased to Rs 1,549.34 crore from Rs 1,423.09 crore recorded in the same quarter last year. Total income increased to Rs 6012.22 crore in the financial year ending March 31, 2024, compared to Rs 5524.69 crore a year ago.
The bank said that it has achieved the feat of doing a total business of Rs 1 lakh for the first time in FY 2024 by reaching Rs 1,02,138 crore. In the same period last year, the bank had done a total business of Rs 96369 crore.
Total deposits stood at Rs 55,657 crore in the year ending March 31, 2024, while advances stood at Rs 46,481 crore. The bank said gross NPAs stood at Rs 1,854 crore (3.99 per cent) as of March 31, 2024, while net NPAs stood at Rs 899 crore (1.97 per cent).
