City Union Bank reported a 12 per cent growth in net profit at ₹111.55 crore in the first quarter of this fiscal against ₹99.49 crore in the corresponding year-ago quarter.
Addressing media persons on the bank’s performance, N Kamakodi, MD and CEO, said total deposits during the first quarter increased 12 per cent to ₹25,111 crore (₹22,383 crore in the year-ago period) and gross advances grew 11 per cent to ₹17,901 crore (₹16,153 crore).
Gross NPAs (non-performing assets) stood at ₹359.43 crore (₹308.30 crore) and net NPAs at ₹234.32 crore (₹204.37 crore).
The bank continues to focus on value-added services to its customers and is in the process of setting up 10 self-service branches, he said. These facilities will be available 24x7 and customers will get automated basic banking services, such as depositing, withdrawing and transferring cash, and pass-book updating.
By the year-end, the bank’s network of branches will grow to 500 from the present 481. Cash deposit machines have been installed at 375 branches, he said.