City Union Bank Q1 FY 2022 net profit up by 12% to Rs 173cr

City Union Bank Limited, formerly called Kumbakonam Bank Limited, has reported a 12% growth in its net profit for the first quarter of the financial year 2021-22 (Q1 FY 2022) at INR 173 crores, compared to INR 154 crores in the same quarter of the previous financial year.

The Tamil Nadu-based bank said that its total business for the reported quarter was up by 7% from INR 75,562 crores in Q1 FY 2021 to INR 81,001 crores.

Its total income for Q1 FY 2022 was INR 1193.08 crores compared to INR 1,209.95 crores in Q1 FY 2021.

City Union Bank Q1 FY 2022 net profit up by 12% to Rs 173cr. Photo courtesy of mohamed Hassan from Pixabay.

According to City Union Bank Limited, its deposits surged by 9% from INR 41,026 crores in Q1 FY 2021 to INR 44,606 crores in the reported quarter.

The bank’s current account savings accounts (CASA) deposits in Q1 FY22 moved up by 22% to INR 12,299 crores from INR 10,098 crores in Q1 FY21.

City Union Bank stated that its network had 702 branches and 1,727 ATMs as of 30 June 2021.