balance sheet growth of 18.08%, from Rs. 3495 crore as at March 31, 2005 to Rs. 4127 crore as at March 31, 2006. During Q4-FY06, the Bank raised Tier II debt (long term - 10 years, unsecured) of Rs. 30 crore. The total Shareholders’ funds as at March 31, 2006 stood at Rs.286 crore.
City Union Bank has emerged as the No 1 Bancassurance Partner of LIC for the South Zone for the second year in a row. The Bank recorded a business of Rs. 39.36 crores through 1,600 policies, posting a first year income of over 11 crores.
Key Highlights for Quarter ended March 31, 2006:
- Raised Tier II debt (long term-10 years, unsecured) of Rs.30 crore .
- The total employee strength of the Bank at 1606 as on March 31,2006 (1434 as at March 31, 2005).
Key Highlights for Year ended March 31, 2006:
|(Rs. in Crore)
|Net Interest Income
|Non Interest Income
|Provisions & Contingencies
|Provision for Tax
|Profit After Tax
ABOUT CITY UNION BANK:
Kumbakonam based City Union Bank Ltd. (CUB) has completed 102 years of banking services. Founded in the year 1904, after becoming a scheduled bank in the year 1945, CUB has become an institution that symbolizes trust and tradition for their distinguished clientele. With a vision that combines ‘Tradition with Technology’, CUB has built up a network of 146 branches across 7 states and 2 union territories, employing over 1600 motivated employees.
The Bank has consciously followed a policy of upgrading technologies, expanding and modernizing its network of branches to meet the growing demands of customer service and reach. It has implemented Core Banking Solutions in over 100 branches and intends to extend the same to all the branches by September 2006. The International Banking Division of the Bank has ventured successfully in financing of imports, exports and also provides foreign currency loans. In order to keep its employees abreast of today’s changing banking and trade scenario, the Bank regularly conducts staff training and orientation programs through its own Staff Training College.