City Union Bank, one of India’s leading banks, has achieved a significant milestone in its financial performance for the fiscal year 2023-24. The bank’s net profits have crossed the Rs 1,000 crore mark, recording an impressive figure of Rs 1,015.73 crore, which is an increase of 8 percent from the previous year’s net profit of Rs 937.47 crore. This remarkable achievement is a testament to the bank’s successful strategies and strong customer-centric approach.
The bank’s consistent focus on innovation and modernization has enabled it to deliver exceptional results, despite the challenging economic landscape. The bank’s strong financial performance can also be attributed to its ability to adapt quickly to changing market dynamics and its prudent risk management policies. This has helped the bank to maintain a strong balance sheet and sustain growth in a highly competitive banking sector.
The bank’s revenue figures also paint a rosy picture, with a total income of Rs 8,627.43 crore, showing a growth of 10 percent from the previous year’s total income of Rs 7,817.05 crore. The bank’s interest income has also witnessed a significant increase of 8 percent, reaching Rs 6,855.76 crore from Rs 6,350.12 crore in the previous year. Furthermore, the bank’s net interest margin (NIM) stood at a healthy 4.07 percent, reflecting its strong asset and liability management.
City Union Bank’s consistent efforts in expanding its business and catering to the diverse needs of its customers have borne fruit, with its total business crossing the Rs 1 lakh crore mark, at Rs 1,01,671 crore, recording a growth of 14 percent. The bank’s deposits have also increased by 12 percent, reaching Rs 60,574 crore from Rs 53,961 crore in the previous year. The bank’s advances have witnessed a growth of 17 percent, reaching Rs 41,097 crore from Rs 35,227 crore in the previous year.
The bank’s strong performance has been recognized by various credit rating agencies, with CRISIL reaffirming the bank’s long-term rating at ‘AA-‘ and short-term rating at ‘A1+’. The bank’s strong credit profile, supported by its robust asset quality and high capital adequacy ratio, has been pivotal in maintaining its ratings.
Talking about the bank’s performance, N. Kamakodi, Managing Director and CEO, City Union Bank, expressed his gratitude to the bank’s employees, customers, and stakeholders for their immense support and faith in the bank. He also credited the bank’s strong business model, prudent risk management, and the unparalleled dedication of its employees for the bank’s success.
As the banking sector continues to evolve and adapt to new challenges, City Union Bank has consistently stayed ahead of the curve by leveraging technology and providing innovative banking solutions to its customers. The bank has also diversified its portfolio by offering a wide range of products and services, including corporate banking, retail banking, treasury operations, and international banking, to cater to the diverse needs of its customers.
Despite uncertainties and disruptions caused by the global pandemic, City Union Bank has remained resilient and has continued to focus on its core values of customer service and operational excellence. The bank’s commitment to delivering exceptional services to its customers has earned it a loyal customer base and has helped it to maintain its position as one of the most trusted banks in the country.
With its strong financial performance and unwavering commitment to customer satisfaction, City Union Bank is well-positioned to achieve even greater milestones in the future. The bank’s success story is a testament to its strong leadership, robust business model, and unwavering dedication towards its customers. As the financial year 2023-24 comes to an end, City Union Bank stands tall, ready to take on new challenges and continue its journey towards success.
