City Union Bank reports strong Q3 FY24 performance with significant growth
City Union Bank Limited, a leading figure in India’s banking sector, today disclosed its financial outcomes for the third quarter of the Financial Year 2023-24, following the approval from its Board of Directors. The bank’s performance indicators reflect substantial growth and operational efficiency, positioning it well in the competitive banking landscape.
Financial Performance Highlights:
For the quarter ending in FY 2023-24, City Union Bank reported a significant increase in interest income, which rose by 10% to Rs 1,326 crores from Rs 1,206 crores in the same period last year. Despite a slight decline in non-interest income, the bank’s total income saw a 6% increase, reaching Rs 1,519 crores. Notably, the bank’s Profit After Tax (PAT) experienced a commendable 16% growth, standing at Rs 253 crores, up from Rs 218 crores in Q3 FY 2022-23.
City Union Bank Achieves Notable Profit After Tax Increase in Q3 FY24, Enhancing Financial Position
Operational and Financial Metrics:
- Net Interest Income saw a minor dip due to one-off interest reversal, but the underlying performance remains strong.
- Operating Profit and Operating Expenses witnessed fluctuations, reflecting the bank’s strategic investments in its operations and digital infrastructure.
- Asset Quality improved significantly, with Gross NPA reducing to 4.47% and Net NPA to 2.19%, showcasing the bank’s effective credit management.
- Deposits and Advances continued to grow, underlining customer trust and the bank’s robust lending practices.
- Capital Adequacy Ratio stood impressively at 21.87%, well above regulatory requirements, highlighting the bank’s strong capital position.
City Union Bank’s Q3 FY 2023-24 results underscore its resilience and strategic focus on sustainable growth. The bank’s performance is particularly noteworthy in a challenging economic environment, with notable achievements in asset quality improvement and capital adequacy. These results reflect the bank’s commitment to operational excellence and its strategy to leverage digital innovation for enhanced customer service and operational efficiency.
As City Union Bank continues to expand its footprint and invest in technology-driven solutions, it remains well-positioned to navigate the evolving banking landscape and capitalize on growth opportunities in the sector.