City Union Bank Limited(NSE:CUB) is a private sector bank based in India. It was established in 1904 and is one of the oldest banks in the country. The bank operates primarily in the southern part of India and has a network of over 600 branches spread across the states of Tamil Nadu, Kerala, Andhra Pradesh, and others. The bank offers a range of banking services to its customers including deposit accounts, loan products, remittances, and others. The bank also offers internet and mobile banking services for the convenience of its customers. In recent years, City Union Bank has been investing in digital technologies to improve its services and expand its reach.
City Union Bank Limited has reported strong financial results for the third quarter and 9 months ended December 31, 2022 (9MFY23). The bank has registered a growth in net interest income (NII) by 13% in Q3FY23 as compared to the same period last year. For 9MFY23, NII stood at Rs 1,649 crore as compared to Rs 1,416 crore for the same period last year, reflecting a growth of 16%.
The bank has also reported a growth in non-interest income in Q3FY23 with a 40% increase as compared to the same period last year. The 9MFY23 non-interest income was at Rs 615 crore, reflecting a growth of 11% compared to the same period last year. The operating expenses have remained relatively stable, with a slight increase of 1% in 9MFY23 compared to the same period last year.
In conclusion, City Union Bank has reported strong financial results for 9MFY23, with growth in NII, non-interest income, operating profit, and deposits. The bank has also shown improvement in asset quality and return on assets and equity. The bank’s capital adequacy position and technological advancements further strengthen its financial position.
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