City Union Bank has reported a 19 per cent growth in net profit for the fourth quarter of 2014-15 as compared with the corresponding quarter in the previous year.
For the quarter ended March 31, 2015 the bank reported a Profit after Tax of ₹ 99 crore (₹ 83.34 crore) on a total income of ₹ 793.65 crore (₹ 720.64 crore).
The net profit for the year was ₹ 395 crore (₹ 347 crore) on a total income of ₹ 3,102.96 crore (₹ 2,825.79 crore).
The Bank has recommended a dividend of ₹ 1.10 a share of ₹ 1 for the year to commemorate the 110{+t}{+h} year of operations of the bank.
City Union Bank’s total advances grew 11 per cent to ₹ 18,089 crore (₹ 16,224 crore); total deposits were up 9 per cent to ₹ 24,075 crore (₹ 22,017 crore).
N Kamakoti, MD and CEO of the bank said that the bank has stayed away from consortium lending for large projects and this contributed to keeping down loan restructure and bad loans. The gross NPA in 2014-15 was 1.86 per cent and the net NPA 1.30 per cent.
During the year the bank added 50 branches taking its total network to 475 branches.