Net interest income (NII) grew by 6% to Rs 546.58 crore in March 2024 quarter as compared to Rs 514.26 crore in Q4 FY23. For Q4 FY24, NIM was at 3.66% as against 3.65% in the corresponding period last year.

The bank's operating profit before provisions and contingencies declined 15.64% to Rs 351.82 crore in March 2024 quarter as compared to Rs 417.04 crore recorded in Q4 FY23.

On full year basis, the private bank's net profit increased 8.35% to Rs 1,015.73 crore on 8.82% rise in total income to Rs 6,012.22 crore in FY24 over FY23.

The bank made a provision of Rs 327 crore as of 31 March 2024 as against Rs 690 crore in the corresponding period last year. Provision coverage ratio (PCR) stood at 72% as of 31 March 2023 as against 69% in last year.

On asset quality front, the gross non performing assets (GNPA) was Rs 1,854.43 crore as of 31 March 2024 as against Rs 1,920.16 crore as on 31 March 2023. The ratio of gross NPA stood at 3.99% as of March 2024 as compared to 4.37% as on March 2023. The ratio of net NPA stood at 1.97% as of March 2024 as compared with 2.36% as of March 2023.

Total deposits of the bank increased 6% for FY24 to Rs 556,566 crore from Rs 523,979 crore recorded in the corresponding quarter previous year. CASA rose to Rs 170,502 crore in FY24 as against Rs 156,569 crore reported in FY23.

Total advances increased by 6% for the financial year ended March 2024 to Rs 464,815 crore from Rs 439,708 crore in FY22. Credit deposit ratio stood at 84%.

The bank's capital adequacy as on 31 March 2023 as per Reserve Bank of India (RBI) guidelines on Basel III norms was 22.34% and Tier-1 capital adequacy was 21.80%, well above regulatory requirements.

Meanwhile, the board recommended dividend of Rs 1.50 per equity share for the financial year ended 31 March 2024, subject to shareholder's approval.

City Union Bank offers a wide range of banking and financial services across India, including both domestic and International banking services. It is a private sector bank with 752 branches across 16 states and three Union territories.

The scrip shed 4.96% to end at Rs 145.50 on the BSE.