Business Standard

City Union Bank Ltd News

Private banks gain up to 4%; Axis, ICICI hit new highs; HDFC nears summit

At 02:04 pm; Nifty Private Bank index was up 1.7 per cent, as compared to 0.65 per cent rise in the Nifty 50 and 0.20 per cent gain in Nifty PSU Bank index.

Private banks gain up to 4%; Axis, ICICI hit new highs; HDFC nears summit
Updated On : 25 Jun 2024 | 3:20 PM IST

Expect significant growth from insurance income in FY25: City Union Bank MD

Private sector City Union Bank expects significant growth in the income contributed from the insurance vertical during the current financial year, a top official has said. The Tamil Nadu-based bank was on track to reach pre-Covid level in slippages and recovery, the bank's Chairman and Managing Director and CEO N Kamakodi said. "As we have onboarded six insurance companies covering life, general, and non-life during FY'23, our insurance income contribution has also doubled to Rs 55 crore in FY'24 as compared to Rs 27 crore in FY'23," he said. "We expect significant growth in insurance income in the current financial year," he told analysts in an earnings call. On the outlook, Kamakodi said the bank opened its 800th branch in Ayodhya last financial year and this year has planned to open about 50-75 branches. The digital lending process targeted to serve the micro, small, and medium enterprises segment was also reaching the 'last leg' and should be launched before mid-June, he said.

Expect significant growth from insurance income in FY25: City Union Bank MD
Updated On : 21 May 2024 | 6:26 PM IST

City Union Bank Q4 results: Profit up 17% at Rs 254 cr on improved recovery

Private sector City Union Bank has reported a 17 per cent jump in its net profits at Rs 254.81 crore for the January-March 31, 2024 quarter, based on improved recovery from slippages. The Tamil Nadu-based bank had registered a net profit of Rs 218.04 crore during the corresponding quarter of last year. For the financial year ending March 31, 2024, the net profits of the bank breached the Rs 1,000 crore mark, with Rs 1,015.73 crore, up by 8 per cent from Rs 937.47 crore registered a year ago. "Improved recovery resulting in lowering provisioning helped to achieve growth in PAT," the bank said in a statement on Tuesday. The total income during the quarter under review went up to Rs 1,549.34 crore from Rs 1,423.09 crore registered in the same quarter of last year. For the financial year ending March 31, 2024, the total income surged to Rs 6,012.22 crore, as against Rs 5,524.69 crore registered a year ago. In a press release, the bank said it crossed Rs one lakh total business milest

City Union Bank Q4 results: Profit up 17% at Rs 254 cr on improved recovery
Updated On : 21 May 2024 | 4:32 PM IST

Markets are overvalued; IT, metals among most expensive sectors: Analysts

As of Jan 2024, the price-to-book valuation for the Nifty50 index, according to HDFC Securities Institutional Research, was 114 per cent of the average historical valuation, indicating expensiveness.

Markets are overvalued; IT, metals among most expensive sectors: Analysts
Updated On : 19 Feb 2024 | 9:18 AM IST