City Union Bank posts 13.6 % rise in Q1 net at Rs 140.32 crore

Chennai, Aug 9 () Private sector City Union Bank has recorded a 13.6 per cent rise in its first quarter net profit ending June 30, 2017 at Rs 140.32 crore.

The Tamil Nadu-based bank had registered net profit at Rs 123.52 crore in the corresponding quarter of last year.

For the full year ending March 31, 2017, net profit of the bank stood at Rs 502.76 crore.

Total income of the bank for the April-June 30, 2017 quarter rose to Rs 960.86 crore from Rs 883.30 crore registered during year ago period.

For the full year ending March 31, 2017, total income was at Rs 3,657.73 crore.

Declaring the financial performance, the bank’s Managing Director and CEO N Kamakodi said the bank clocked a decent performance and “overall it has been a decent quarter.”

Net profits of the bank went up by 14 per cent. We have continuously maintained provisional coverage ratio of about 60 per cent,” he told reporters here.

As of June 30, 2017, the provisional coverage ratio stood at 62 per cent, he said.

Stating that the bank would continue the same momentum in the performance during the coming quarters, Kamakodi said, “we think we will be able to grow our business by 15-18 per cent this (financial) year.”

Kamakodi and senior bank officials on the occasion unveiled Version two of “Lakshmi” the robot that can converse in the Tamil language.

The robot can share basic details of the bank, account opening information, in Tamil, he said.

“It is operating in five of our branches. Our plan is to have such robots in 100 branches in next two-three years,” he said.

Last year, the bank launched a robot that can converse in the English language.

Kamakodi also unveiled credit card facility for customers who have fixed deposits.

“The ceiling for the credit card is based upon the usage of the customers. About 80 per cent of deposits can be taken as ceiling limit for using the credit card,” he said. VIJ BN.

 

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