The provision coverage was at 65%.Private sector lender City Union Bank on Wednesday reported an 8% rise in its net profit at Rs 192.44 crore for the third quarter of FY20, compared with `178.10 crore in the corresponding quarter last fiscal. Total income stood at `1203.24 crore, against `1086.45 crore, registering a growth of 11%.
Addressing a press conference here, N Kamakodi, MD & CEO, said considering the current economic situation, the overall performance of the bank has been satisfactory. Marginally impacting the asset quality slightly, the gross NPA increased to 3.50% in Q3, against 2.91% in the year-ago period and 3.41% in Q2. The net NPA level stood at 1.95% in Q3, compared with 1.74% in the corresponding quarter last fiscal and 1.90% in Q2.
The provision coverage was at 65%. “The fresh slippage in Q3 was to the tune of `230 crore and the recovery was about `127 crore plus `52 crore towards written-off accounts.”
Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.
