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City Union Bank opens branch at Vellakovil, Tamil Nadu

28 Jun 2011 Evaluate

Private sector lender - City Union Bank - has opened the branch at Vellakovil in Tamil Nadu on June 17, 2011. Recently, the bank had 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 bank’s board gave their approval at its meeting held on June 24, 2011.

City Union Bank is an old private sector bank, with operations mostly concentrated in Southern India. Almost 73% of its total business comes from Tamil Nadu. The bank has a branch network of more than 200 branches spread across the country. Its product range comprises of savings account, current account, fixed deposit, cash certificate, VIP deposit, Flexi fix deposit, CUB Smart deposit and tax saver gold deposit account.

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.

City Union Bank Share Price

262.75 -2.80 (-1.05%)
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