City Union Bank (CUB) stocks surged 14 per cent to ₹171.70 as of early trading session in Tuesday’s trade on BSE at 11:47 AM. The stock opened strong at ₹162.00; and hit a high of ₹172.95 and low of ₹161.55. Earlier, the stock had closed at ₹150.75 on monday.
The surge follows the bank’s report of a marginal increase in net profit for the quarter ending September 30, 2024. The profit rose by 1.6% to ₹285 crore, up from ₹280.6 crore during the same period last year.
The operating profit grew by 11% to ₹428 crore driven by an 8% year-on-year rise in net interest income (NII), which reached ₹582.5 crore from ₹538.4 crore, reflecting steady lending growth and stable interest margins.
- Also read: City Union Bank aims to maintain CD ratio at 83-84% and lower NNPA ratio to 1-1.25% by FY25
The operating expensefor Q2 FY25 stood at ₹381 crore compared to ₹334 crore in the same quarter of FY24. For the first half of FY25, operating expenses stood at ₹744 crore, up from ₹634 crore in the corresponding period last year
In the first half of FY25, the operating profit is at ₹802 crore compared to ₹801 crore in the corresponding period last year.
“We had growth in our operating profit after 6 quarters as our business growth is showing improvement” said Venkataramanan, the company secretary of the City Union Bank.