City Union Bank announced Q1FY23 Result : Net Interest Income the bank earned a Net Interest Income of Rs.525 cr as against Rs.447 cr for the same period as compared to last year with a growth rate of 17%. Non Interest Income of the bank is at Rs.217 cr in Q1 FY 23 as against Rs. 193 cr for Q1 FY 22. Starting from December 2021, the depreciation on Investments is charged to P&L; instead of making provision as per the extant guidelines. We have provided Rs.42 cr towards provision for depreciation on investments for Q1 FY 23. Amount collected from T/W accounts was Rs.92 crs in the current quarter. Operating Expenses for Q1 FY 23 is at Rs.295 cr as against Rs. 260 crs for the corresponding period of last year. Operating Profit for Q1 FY 23 was Rs.447 Cr as against Rs.381 Cr for the same period as compared to the last year. Provisions the bank made a provision of Rs.222 cr as of 30.06.2022. The total provision towards bad and doubtful debts is Rs.140 crs in Q1 FY 23 as against Rs.233 crs in the corresponding quarter last of year. Net Profit the bank’s Profit after Tax was at Rs.225 cr in Q1 FY 23 as against Rs.173 cr in Q1 FY 22. Total Deposits of the bank increased by 9% for Q1 FY 23 to Rs.48,772 cr from Rs.44,606 cr for the same period as compared to last year. CASA increased by 25% from Rs.12,299 crs to Rs.15,387 cr (YoY). CASA portion stood at 32% to total deposits. Cost of Deposits decreased to 4.43% in Q1 FY 23 from 4.95% in Q1 FY 22. Total Advances increased by 12% for Q1 FY 23 to Rs.40,934 crs from Rs.36,395 crs in Q1 FY 22. We are looking forward a growth rate of 15% - 18% for FY 23 and growth will be more in second half. Credit Deposit ratio stood at 84%. The yield on Advances decreased to 9.04% in Q1 FY 23 from 9.40% in Q1 FY 22 in line with the market trend. Asset Quality the Gross NPA as on June 30, 2022 was reduced to 4.65% from 5.59% in Q1 FY 22 and Net NPA was decreased to 2.89% from 3.49%. The Provision Coverage Ratio as on June, 2022 was at 64%. Net Interest Margin stood at 3.95% in Q1 FY 23 Vs 3.86% in Q1 FY 22. Return on assets for Q1 FY 23 is 1.46% as against 1.29% for the same period of last year. For FY 22 the ROA stood at 1.35%. Return on Equity was at 13.57% in Q1 FY 23 as compared to 11.81% in Q1 FY 22. 13. Cost to Income Ratio marginally reduced to 39.78% in Q1 FY 23 from 40.60% for the corresponding period last year. The Bank’s capital adequacy as on 30th June 2022 as per Reserve Bank of India (RBI) guidelines on Basel III norms is 20.48% and Tier-1 capital adequacy was 19.42%, well above regulatory requirements. Result PDF