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 CUB’s NET RISES 24%

 The Board of Directors of City Union Bank Ltd in its meeting held on 27.01.07 at Kumbakonam  approved the working results of the bank for the quarter and nine months ended on 31.12.2006.

 The Bank’s operating profit for Q3 of current financial year was Rs 27 crores and net profit was Rs 13.86 crores. The total income rose by 20%  to Rs 111.69 crores from Rs 92.93 crores in Q3 of last fiscal. The interest income improved to Rs 99.40 crores from Rs 81.92 crores a rise of 22%.The interest income on loans and advances recorded a healthy  growth of 24% to Rs 77.13 crores from Rs 62.19 crores . Income on investments increased from Rs 18.49 crores to Rs 21.11 crores and other income was higher at Rs 12.29 crores as against Rs 11.02 crores.

 The operating profit of the bank for the 9 months period ended 31.12.06 increased by 21% from Rs 73.89 crores to Rs 89.53 crores. The net profit went up by 23% from Rs 37.39 crores to Rs 45.83 crores.

 In its 9 months’ operation, the bank has achieved a  higher total income of  Rs 321.13 crores as against Rs 264.93 crores for the corresponding period of last year. The total  interest income grew by 22% from Rs 234.24 crores to Rs 285.44 crores. The interest income on loans and advances went up smartly by 28% from Rs 172.82 crores to Rs 221.05 crores. The bank’s Net Interest Income registered a growth of 23% from Rs 97.89 crores to Rs 121.18 crores. The other income rose by 16% from Rs 30.69 crores to Rs 35.69 crores.

 The bank’s Total business as on 31.12.06 was higher by 22% at Rs 6952 crores comprising Rs 4076 crores in deposits(up by 23%) and Rs 2876 crores in advances(up by 20%)as compared  to Rs 3324 crores of deposits and Rs 2391 crores of advances a year ago. 

With its continued focus on reduction of NPAs, the bank could drastically reduce its net NPA level to 1.46 % as on 31^st December,06 as against 2.69% last year.

 The bank’s capital adequacy ratio was 12.11% as against RBI’s stipulation of minimum 9%.

 The bank has successfully implemented core banking solution in all its 154 branches across the country. The bank is in the process of opening 26 new branches to be completed before August this year. The bank offers anywhere banking and  RTGS facility to its customers in all branches and  its customers can access over 8100 ATMs of various banks at all places. The bank’s share holders have recently approved  preferential allotment of shares constituting 9.99% of post issue to L&T limited subject to RBI’s approval. The bank continues to enjoy preferential status with LIC for the best marketing efforts exhibited to cross sell the latter’s policies. The bank is in agreement with National Insurance Co ltd. for cross selling general Insurance policies. In association with Western Union, the bank offers money transfer facility to NRIs.