City Union Bank Reports 15% Growth in Net Interest Income for Q1

City Union Bank Limited has announced its financial results for the first quarter, showcasing robust growth in key performance indicators.

Strong Growth in Net Interest Income

The bank reported a Net Interest Income of Rs. 625.00 crore for Q1, marking a significant 15% increase compared to Rs. 543.00 crore in the same quarter of the previous year. This growth demonstrates the bank's ability to effectively manage its interest-earning assets and interest-bearing liabilities.

Impressive Profit After Tax (PAT) Performance

City Union Bank's Profit After Tax (PAT) showed a substantial improvement, rising by 16% to reach Rs. 306.00 crore in Q1, up from Rs. 264.00 crore in the same quarter of the previous fiscal year. Notably, this marks the first time in the bank's history that its quarterly PAT has crossed the Rs. 300 crore milestone.

Solid Growth in Non-Interest Income

The bank's Non-Interest Income for Q1 stood at Rs. 244.00 crore, representing a 27% increase from Rs. 192.00 crore in the same quarter of the previous year. A major contributor to this growth was the treasury profit, which amounted to Rs. 64.00 crore for the quarter, compared to Rs. 17.00 crore in the same period last year.

Overall Financial Performance

City Union Bank's Gross Profit showed a 21% growth, improving to Rs. 451.00 crore in Q1 from Rs. 373.00 crore in the corresponding quarter of the previous year. This growth across various financial metrics indicates the bank's strong operational performance and effective management strategies.

The bank's performance in Q1 reflects its resilience and ability to generate growth despite challenging market conditions. The significant improvements in Net Interest Income, Profit After Tax, and Non-Interest Income demonstrate City Union Bank's strong financial health and its potential for continued growth in the coming quarters.