Net Interest Income (NII) grew by 13% to Rs 555.72 crore in Q3 FY23 as compared to Rs 489.96 crore in Q3 FY22. For Q3 FY23, the NIM was at 3.88% as against 4% in the corresponding period last year.

The bank's operating profit before provisions and contingencies surged 35% to Rs 497.34 crore in Q3 FY23 as compared to Rs 369.62 crore recorded in Q3 FY22.

The bank made a provision of Rs 682 crore as of 31 December 2022. The total provision towards bad and doubtful debts was Rs 515 crore in 9M FY23 as against Rs 439 crore in the corresponding period last year. Provision coverage ratio (PCR) stood at 67% as of 31 December 2022.

On asset quality front, the gross non performing assets (GNPA) was Rs 1,988.66 crore in Q3 FY23 as against Rs 1,998.55 crore in Q3 FY22.The ratio of gross NPA stood at 4.62% in Q3 FY23 as compared to 5.21% in Q3 FY22. The ratio of net NPA stood at 2.67% in Q3 FY23 as compared with 3.44% in Q3 FY22.

Total deposits of the bank increased 7% for 9M FY23 to Rs 49,997 crore from Rs 46,722 crore recorded in the corresponding quarter previous year. CASA rose 5% to Rs 14,606 crore in 9M FY23 as against Rs 13,918 crore reported in 9M FY22. CASA portion stood at 29% to total deposits.

Total advances increased by 12% for 9M FY23 to Rs 43,009 crore from Rs 38,387 crore in 9M FY22. Credit deposit ratio stood at 86%.

The bank's capital adequacy as on 31 December 2022 as per Reserve Bank of India (RBI) guidelines on Basel III norms was 20.47% and Tier-1 capital adequacy was 19.39%, well above regulatory requirements.

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 hit a lower circuit of 10% at Rs 144 on the BSE.