Online edition of India's National Newspaper
Saturday, May 24, 2008
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Online edition of India's National Newspaper Saturday, May 24, 2008 ePaper | Mobile/PDA Version |
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CONSISTENT GROWTH: S. Balasubramanian (right), Chairman, and N. Kamakodi, Executive Director, City Union Bank, at a press conference in Chennai on Friday. CHENNAI: City Union Bank has reported a good performance in the 12 months ended March 31, 2008. It has achieved two landmarks in 2007-08. Total business touched the Rs. 11,000-crore mark and the profit after tax surpassed the Rs. 100-crore mark. Total businessAddressing presspersons here on Friday, S. Balasubramanian, Chairman, said total business of the bank stood at Rs. 11,000 crore in 2007-08 against Rs. 8,029 crore in the previous year, a growth of 37 per cent. The operating profit has risen by 38 per cent to Rs. 181.30 crore from Rs. 131.48 crore. The profit after tax has crossed the Rs. 100-crore mark and stood at Rs. 101.73 crore against Rs. 71.81 crore. Total income rose to Rs. 686.25 crore from Rs. 454.13 crore. Net interest income increased by 22 per cent to Rs. 204.97 crore from Rs. 167.49 crore. The board has recommended a final dividend of 20 per cent, making, with the interim of 30 per cent already paid, a total of 50 per cent for 2007-08. Last year, the bank paid a total dividend of 40 per cent. The bank has fixed a total business target of Rs. 15,000 crore for 2008-09. N. Kamakodi, Executive Director, said the bank would introduce a new insurance product in a couple of days. It would also come out with a debit card soon. During 2007-08, the bank opened 26 branches taking the total to 180. The bank was planning to set up a 50:50 joint venture with Hatton National Bank of Sri Lanka, subject to necessary approvals. The new entity would target small and medium enterprises and the main operations would be in south India.
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