City Union Bank Limited announced Thursday its performance results for the financial year 2019-20. The Bank posted a growth of 5% in total business from Rs71,513cr in 2018-19 fiscal year to Rs75,408cr in 2019-10 fiscal year.
However, the Net Profit of the Bank decreased by 31% from Rs683cr in FY19 to Rs476cr in FY20. Net Interest Income increased by 4% from Rs1,611cr in FY19 to Rs1,675cr in FY20 and deposits increased by 6% from Rs38,448cr to Rs40,832cr.
The Bank continues to expand its Core Banking Services with a network of 700 branches and 1,793 ATMs as on March 31, 2020. In FY20, gross NPA of the Bank stood at Rs1413cr at 4.09% to Gross Advances. Net NPA of the Bank stood at Rs778cr at 2.29% to Net Advances.
In accordance with the ‘Covid-19 Regulatory Packages’ announced by the RBI on March 27, 2020, April 17, 2020 and May 22, 2020 the Board approved policy, had offered moratorium on repayment of loan installments or deferment of interest due between March 1, 2020, to August 31, 2020, including relaxation in certain parameters, to all eligible borrowers, without considering the same as restructuring.
The Bank, based on basic available information at this point of time and as a prudent measure, has made a provision of Rs125cr in the current quarter which includes an adhoc Covid-19 provision of Rs102cr over and above the RBI prescribed norms.
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