City Union Bank’s Q4 results show a 17% increase in net profit to Rs 254.81 crore, driven by improved recovery from slippages. Learn about the bank’s financial performance, total income, and achievements for the fiscal year ending March 31, 2024.
City Union Bank has announced a remarkable 17% surge in net profit to Rs 254.81 crore for the March 2024 quarter, propelled by enhanced recovery from slippages.
The Tamil Nadu-based private sector bank’s total income during January-March 2024 rose to Rs 1,549.34 crore, marking a significant increase from Rs 1,423.09 crore in the corresponding period last year.
The bank’s net profit for the fiscal year ending March 31, 2024, surpassed the Rs 1,000 crore mark, reaching Rs 1,015.73 crore, an 8% rise from the previous year. Improved recovery leading to lower provisioning has been cited as a key factor driving the growth in profit after tax (PAT).
Additionally, City Union Bank achieved a significant milestone by crossing the Rs 1 lakh total business mark, reaching Rs 1,02,138 crore in FY2024, compared to Rs 96,369 crore in the previous fiscal year.
Total deposits stood at Rs 55,657 crore, with advances at Rs 46,481 crore. The bank reported gross NPA of Rs 1,854 crore (3.99%) and net NPA of Rs 899 crore (1.97%) as of March 31, 2024.
