Profit before tax jumped 38.6% to Rs 295.14 crore in Q1 FY23 from Rs 212.99 crore recorded in same period last year.

The bank's Net Interest Income (NII) grew 17% to Rs 524.91 crore in Q1 FY23 as against Rs 447.60 crore posted in Q1 FY22. Net Interest Margin (NIM) improved to 3.95% as on 30 June 2022 from 3.86% as of 30 June 2021. Meanwhile, the non-interest income increased 12% YoY to Rs 217.54 crore in Q1 FY23.

The bank's operating profit before provisions and contingencies jumped 17.4% to Rs 447.14 crore in Q1 FY23 from Rs 380.75 crore recorded in Q1 FY22.

The bank made a provision of Rs 222 crore as of 30 June 2022. The total provision towards bad and doubtful debts is Rs 140 crore in Q1 FY23 as against Rs 233 crore reported in the corresponding quarter last year.

Provision Coverage Ratio (PCR) improved to 64% in Q1 FY23 from 63% posted in Q1 FY22.

On asset quality front, the gross non-performing assets (NPA) of the bank reduced to Rs 1,903.51 crore in Q1 FY23 from Rs 2,035.35 crore reported in Q1 FY22. The gross NPA ratio declined to 4.65% in Q1 FY23 as against 5.59% posted in Q1 FY22. The net NPA ratio reduced to 2.89% in Q1 FY23 as compared with 3.49% reported in Q1 FY22.

Total Deposits of the bank increased by 9% for Q1 FY23 to Rs 48,772 crore from Rs 44,606 crore recorded in the corresponding quarter previous year. CASA jumped 25% to Rs 15,387 crore in Q1 FY23 as against Rs 12,299 crore reported in Q1 FY22. CASA portion stood at 32% to total deposits. Cost of Deposits decreased to 4.43% in Q1 FY23 from 4.95% in Q1 FY22.

Total Advances increased by 12% in Q1 FY23 to Rs 40,934 crore from Rs 36,395 crore posted in Q1 FY22. The bank said that it is looking forward a growth rate of 15% - 18% for FY23 and growth will be more in second half. Credit Deposit ratio stood at 84%. The yield on Advances decreased to 9.04% in Q1 FY23 from 9.40% in Q1 FY22 in line with the market trend.

Return on assets (RoA) for Q1 FY23 improved to 1.46% as compared with 1.29% for the same period a year ago. Meanwhile, Return on Equity (RoE) increased to 13.57% in Q1 FY23 as against 11.81% reported in Q1 FY22.

The bank's capital adequacy as on 30 June 2022 as per Reserve Bank of India (RBI) guidelines on basel III norms is 20.48% and tier-1 capital adequacy stood at 19.42%.

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 727 branches across 16 states and three Union territories.