City Union Bank shares surged as much as 9% on Wednesday, October 28, after the private sector lender reported strong growth in profit, net interest income, and operating profit for the September quarter. The bank also reported an improvement in asset quality compared with the previous quarter.
At around 12:12 p.m., the stock was trading at Rs 232.19 apiece on the NSE, up 8.95% from its previous close at Rs 213.12. Meanwhile, the benchmark, Nifty 50, was down around 0.4%, trading at the 22,655 level.
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Quarterly Results
Net profit rose 26.6% year-on-year to Rs 416 crore from Rs 329 crore in the year-ago quarter, while net interest income increased 31% to Rs 873 crore from Rs 667 crore.
Operating profit climbed 40.3% to Rs 661 crore from Rs 471 crore in the corresponding quarter last year, reflecting stronger operating performance.
Asset quality also improved sequentially during the quarter, with gross non-performing assets declining to 1.44% from 1.73% in the previous quarter, while net non-performing assets fell to 0.48% from 0.61%.
However, the lender raised their provisions to Rs 120 crore from Rs 57 crore a year earlier.
Also Read: Q2 Results Live: City Union Bank Profit Jumps Over 26%
Stock Movement
The stock has gained around 5% in the past month; however, over the past week, the stock has been sluggish and declined around 1.4% even after incorporating today's gains.
Over the past year, however, the stock has rallied more than 26%, and 126% over the past three years.
Currently, it is trading at a price-to-earnings multiple of 15.05 times with a market cap of Rs 22,385.1 crore.
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