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CUB to report higher profits

Written by: Staff

Chennai, Mar 14 (UNI) City Union Bank (CUB) is likey to report an operating profit of Rs 110 crore for the current financial year as against Rs 78 crore last year, its Chairman and Chief Executive Officer S Balasubramanian has said.

Addressing a press conference here last night, Mr Balasubramanian said the bank's total business will touch Rs 6,400 crore for the current fiscal. The total deposits currently stood at Rs 3,500 crore with advances at Rs 2,600 crore.

CUB was working hard to achieve a compounded annual growth rate of 27 per cent as against present 24 per cent.The total NPAs which stood at 2.65 per cent will stand reduced to less than two per cent before the month end.

The bank had spent Rs 18 crore on covering 100 branches under the core banking soulution and the remaining 42 branches will be computerised at an additional investment of Rs six to seven crore.

Mr Balasubramanian said CUB proposed to implement Natioanl Electronic Funds Transfer System by April this year.

By the time BASEL II norms were implemented in the banking sector in next year, CUB would have the best technological platform with adequate risk management architecture.

The bank's application for starting 12 more branches in Tamil Nadu (five), Andhra Pradesh (three) and Kerala and Karnataka (two each) were pending with the Reserve Bank of India. The new branches were proposed to function from June this year.

UNI RV GM 0949

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