Chennai:
Hit by a sluggish economic growth, Kumbakonam based City
Union Bank posted a growth of mere five per cent for the second quarter of the
financial year.
Addressing a press conference here on Friday, managing
director and chief executive officer of the bank N
Kamakodi said that despite the financial downturn the bank
has posted a growth of 4.89% in net profit at Rs 84.35 crore for the
quarter ended September 30, 2013, as against Rs 80.42 crore registered during
the same quarter last year.
He said the the gross non performance asset (NPA) has grown
from Rs 166.07 crore during the same period last year to Rs 263.28 crore with
the percentage of gross NPAs growing from 1.24 per cent to 1.66 per cent during
this quarter.
He said the total deposits of the bank increased by 19 per
cent to Rs 21,056 crore as on September 30, 2013 from rs 17,689 crore as on
September 30, 2012. The advances went up by 18 per cent to rs 15,849 crore as
on September 30, 2013 from rs 13,437 crore as on September 30,2012.
He also said the bank is opening its 397 branch at
Tirumudivakkam and soon will open its 400th branch in Teynampet.
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