City Union Bank net profit post marginal 1% growth in Q2 FY24

CHENNAI: City Union Bank (CUB) on Friday reported a marginal growth in net profit by 1% at Rs 281 crore in the quarter ended September 30, 2023 against the corresponding period in the previous year at Rs 276 crore. It is the highest Profit after Tax (PAT) for a single quarter of the private sector bank, which was contributed by improved recovery and reduced slippages, a statement here said.

However, the Net Interest Income dropped by 5.3% in the second quarter of FY24 at Rs 538 crore, which was at Rs 568 crore during the year ago quarter. The operating profit stood at Rs 387 in the quarter ended September 30, 2023, a decline by 15.1% over the same period last year at Rs 456 crore.

The statement further said, the total business of the Kumbakonam headquartered bank stood at Rs 96,402 crore in the quarter ended September 30, 2023.