Private sector lender City Union Bank on Friday reported a 88 per cent jump in its net profit at Rs 208.96 crore for the quarter ended March 2022 on the back of fall in provisions for bad loans and contingencies. The bank had posted a net profit of Rs 111.19 crore in the corresponding quarter a year ago. Total income during January-March quarter of 2021-22 rose to Rs 1,252.87 crore, as against Rs 1,135.43 crore in the same period in 2020-21, City Union Bank said in a regulatory filing on Friday.
The bank trimmed its bad loans proportion with the gross non-performing assets (NPAs) declining to 4.70 per cent of the gross advances as of March 31, 2022, as against 5.11 per cent in the year-ago period.
In value terms, the gross NPAs or bad loans of the bank stood at Rs 1,933.18 crore, up from Rs 1,893.19 crore in the year-ago period.