Fundamental Result Update

City Union Bank Ltd Q1FY20 Result Update



City Union Bank (CUB) reported stable operating performance while loan book growth moderated during the quarter. NII for the quarter grew by 11% YoY driven by 14% credit growth. High other income growth and moderate rise in expenses led to operating profit growth of 17% YoY. NIM declined by 29bps QoQ to 4.1% on account of decline in CD ratio. Provisions during the quarter were higher owing to elevated slippages and slower recovery resulting in GNPAs inched up by 39bps QoQ to 3.34%. PAT for the quarter stood at Rs 186 cr vs. our estimate of Rs 184 cr. We remain positive on CUB’s growth outlook and have Hold rating on the stock.


Tags: FundamentalResult Update


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