Private sector lender City Union Bank has received its board’s approval to augment capital upto Rs 300 crore (inclusive of premium) through a process of qualified institutional placement (QIP), subject to necessary approvals.
The company’s board gave their approval at its meeting held on June 24, 2011.
The bank reported an increase of 42% in its net profit for the quarter ended December 31, 2010 which stood at Rs 57.70 crore against Rs 40.65 crore for the quarter ended December 31, 2009. The total income stood at Rs 349.28 crore for the quarter ended December 31, 2010 against Rs 278.58 crore for the quarter ended December 31, 2009.
