Home >Companies >Company Results >City Union Bank reports Q4 loss of 95 crore

City Union Bank Ltd on Thursday reported a loss of 95.29 for January-March due to higher provisioning.

The bank posted a net loss of 95.29 crore for the quarter ended March, from 175.11 crore in the year-ago period. Profit was lower than 175 crore estimated by a Bloomberg poll of nine analysts.

Provisions during the quarter rose around five times to 450.38 crore from 90.67 crore in the year-ago quarter. In October-December, the bank had set aside 81 crore in provisions.

Net interest income, or the difference between interest earned on loans and that paid on deposits, decreased 0.26% to 419.50 crore for the quarter ended 31 March against 420.60 crore for the same quarter last year.

Other income, which includes core fee income, rose 22.07% to 179.31 crore during the period under review over 146.89 crore for the corresponding quarter last year.

Gross non-performing assets (NPAs), as a percentage of total advances, were at 4.09% in the March quarter compared with 3.50% in the December quarter and 2.95% in the year-ago quarter.

Net NPA stood at 2.29% against 1.95% during October-December and 1.81% in the year-ago quarter.

In April, Reserve Bank of India (RBI) had given its approval for the re-appointment of N Kamakodi as MD & CEO of City Union Bank (CUB) for three years with effect from 1 May. Kamakodi has been associated with the Kumbakonam (Tamil Nadu)-headquartered CUB since 2003. He was elevated as MD and CEO in 2011.

Shares of City Union Bank Ltd closed at 136.95, up 3.05%, on the BSE, while the benchmark index, Sensex gained 2.09% to close at 34208.05 points.

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