Private sector lender City Union Bank has received the first batch of repayment of ₹100 crore from low-cost air carrier SpiceJet, a top official said today.
“Our exposure to SpiceJet is ₹200 crore. We received ₹100 crore as repayment. So 50 per cent of the payment been repaid...,” City Union Bank, Managing Director and CEO, N Kamakodi told reporters here.
“We are in continuous discussion and the repayments have been made without any problem...The first ₹100 crore was paid before March 31, 2015. I think they will repay the balance over a period of time,” he said.
Declaring annual financial results of the bank, Kamakodi said, net profits jumped 18.8 per cent to ₹99.07 crore in the fourth quarter ending March 31 from ₹83.34 crore registered during year ago period.
Total income of the bank for the March quarter was ₹793.64 crore, up from ₹720.64 crore during previous year.
For the full financial year, net profit of the bank grew by 13.8 per cent to ₹395.02 crore from ₹347.07 crore during the corresponding period last fiscal.