South based private sector lender City Union Bank has booked 48% rise in net profits for last quarter of the fiscal last ended. The net profit of the bank for Q4 amounted to Rs 51 crore as against Rs 35 crore for the same period in a year prior to that.
The increase in profits can be attributed to better net interest margin (NIM) reported by the bank.
The NIM of the bank increased to 3.64% as against 3.15% earlier owing to dip in the cost of deposits of the bank, said its MD and CEO, Mr N Kamakodi.
The fiscal last ended saw the net worth of the bank cross the Rs 1000 crore mark.