City Union Bank (CUB) Q4 23/24 earnings summary

Executive summary

• Total business reached ₹1,02,138 crore, up 6% YoY; net profit rose 8% to ₹1,016 crore in FY24.

• Growth was tempered by lower net interest income and operating profit, while asset quality and capital ratios improved.

Financial highlights

• Total income was ₹6,012.22 crore, up 9% YoY; net profit was ₹1,015.73 crore versus ₹937.48 crore.

• Net interest income was ₹2,123.46 crore versus ₹2,162.80 crore; other income declined to ₹741.66 crore from ₹810.36 crore.

• Operating profit fell to ₹1,516.73 crore from ₹1,817.98 crore; expenses rose 21% to ₹4,495 crore, largely attributed to BCG loan-automation consulting costs.

• Deposits grew 6% to ₹55,656.64 crore; CASA rose 9% to ₹17,050.16 crore, or 31% of deposits. Gross advances grew 6% to ₹46,481.47 crore.

• Gross investments increased 9% to ₹15,672.66 crore; government securities represented 99.03% of investments in India.

Outlook and guidance

• Focus remains on stronger governance, risk management and compliance practices across operations.

• Industry context: banking-sector credit growth was projected at 13–15% for FY25, supported by services, retail and corporate credit demand.

• Domestic FY24 GDP growth was 7.6%; elevated global rates, food-price uncertainty and geopolitical disruptions remain relevant to the operating outlook.