City Union Bank to raise Rs.250 crore through rights issue
August 3rd, 2012 - 6:03 pm ICT by IANSChennai, Aug 3 (IANS) City Union Bank will raise Rs.250 crore through a rights issue this year to meet its growing business needs and capital adequacy ratio (CAR), said a top bank official.
“We have filed the necessary papers with SEBI (Securities and Exchange Board of India) last month. The issue price and the ratio of rights issue are yet to be decided,” N. Kamakodi, managing director and chief executive officer, told reporters here Friday while sharing the bank’s first quarter results.
The private sector bank presently has a CAR of just over 12 percent.
During the first quarter of the current fiscal, the bank has posted a net profit of Rs.73.89 crore, up from Rs.58.51 crore logged during comparable period of 2011-12.
The bank’s total income went up to Rs.566.90 crore (interest income Rs.504.21 crore, non-interest income Rs.62.69 crore) from Rs.417.02 crore (interest income Rs.371.14 crore, non-interest income Rs.45.88 crore).
According to Kamakodi, the bank achieved a total business of Rs.29,835 crore (deposits Rs.17,062 crore, advances Rs.12,773 crore) during the period under review up from Rs.23,215 crore (deposits Rs.13,624 crore, advances Rs.9,591 crore) posted during first quarter of the previous fiscal.
The gross non-performing assets (GNPA) came down to 1.07 percent and the net NPA to 0.50 percent last quarter as against 1.22 percent and 0.51 percent respectively booked during comparable period of the previous year.
- City Union Bank to expand reach - Jul 30, 2011
- City Union Bank to come out with rights issue - Jan 31, 2012
- City Union Bank targets 20-30 percent growth - May 18, 2012
- No decision on savings account rate hike: City Union Bank - Nov 05, 2011
- Allahabad Bank's Q4 net profit up by 14.74 percent - May 02, 2011
- 209 percent rise in UBI net profit in Q4 - Apr 30, 2011
- Allahabad Bank's Q3 net up by 34 percent - Jan 30, 2012
- Canara Bank net up 79 percent in fourth quarter - May 05, 2011
- Indian Bank to convert Rs.400 crore preference shares to equity - Jan 30, 2012
- Indian Bank posts 13 percent growth in net profit - Jul 23, 2012
- Union Bank of India quarterly net profit up - May 09, 2012
- Vijaya Bank net up 21 percent in first quarter - Jul 22, 2010
- Canara Bank quarterly net profit declines 7.76 percent - May 10, 2012
- HDFC's first quarter net profit up 33.9 percent - Jul 19, 2010
- SBI quarterly profit soars to Rs.4,050 crore - May 18, 2012
Tags: capital adequacy ratio, chief executive officer, city union bank, comparable period, crore, exchange board, interest income, kamakodi, last quarter, managing director, necessary papers, net profit, non performing assets, npa, previous year, private sector bank, quarter results, securities and exchange, securities and exchange board of india, union bank