City Union Bank (CUBK) reported a muted Q4FY23 with PAT of Rs2.18bn (up 4% YoY, flat QoQ) on the back of 5% YoY decline in operating profit and moderation in provisioning. Despite reasonable control on opex (up 11% YoY), operating earnings fell 5% YoY on slower (up 7% YoY) loan growth and 36bps YoY (23bps QoQ) NIM compression.