**[investwise]** City Union Targets 30% Growth In Deposits, 25% In Advances For FY11

 

City Union Bank-FY10 Performance Highlights BSE 532210   Interest income for Q4 – FY 2010 was smartly up by 46.51% to Rs.87.48 crore as compared to Rs.59.71 crore in Q4 – FY 2009. Operating profit for Q4 – FY 2010 increased by 20.28% to Rs.73.58 crore as compared to Rs.61.17 crore for Q4-FY2009.   Profit after tax for Q 4 –FY 2010 was higher by 33.27 % at Rs.34.81 crore as compared to Rs.26.12 crore for Q4-FY2009.   Net Interest income for the year ended-FY 2010 grew up by 14.66% to Rs.278.14 crore as compared to Rs. 242.57 crore for the FY 2008-2009.   Operating profit increased by 12.82 % to Rs.255.79 crore as compared to Rs. 226.72crore for FY2009.   Profit after tax was up by 25.08 % and stood at Rs. 152.76 crore as compared to Rs.122.13 crore for FY2009.   Total Advances grew by 21.05 % to Rs.6833 crore as on 31st March 2010 from Rs.5645 crore as on March 31, 2009.   Total Deposits increased by 25.34 % to Rs.10285 crore as on 31st March 2010 from Rs.8207 crore as on March 31, 2009.   The growth in Current and Savings Account deposits (CASA) was 44.94 % while Term Deposits grew by 20.75% over March 31, 2010. The Bank's Balance Sheet size enlarged by 24.95 % to Rs.11559 crore from Rs.9251 crore as at March 31, 2009.   Gross NPA level was reduced from 1.80% to 1.36% and net NPA level was brought down from 1.08% to 0.58% as on 31.03.2010. The provision coverage ratio as on 31.03.2010 reached 70% well before the stipulated date of 30.09.2010.   Performance Highlights and Ratios :( For FY10)  Return on Assets (annualized) of 1.52 % and Return on average equity of 20.55 %.  Net Interest Margin at 3.15 %.  Non Interest Income to Total Income ratio at 13.04 %.  Capital Adequacy Ratio - Basel I 12.09 % (Tier I - 11.15%) - Basel II 13.46 % (Tier I – 12.41%)  Book value per share of Rs.20.66  Basic EPS Rs.4.03/-  Diluted EPS Rs.3.99/- Safe Harbor Statement: Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.   Nothing in this article is, or should be construed as, investment advice.

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