Credit rating agency, CARE has reaffirmed ‘A+’ rating to City Union Bank’s Lower Tier II Bonds - Series I worth Rs 30 crore and Lower Tier II Bonds -Series II worth Rs 10 crore.
The bank has received the said rating on the back of its long-standing operations, healthy profitability arising out of operational efficiency and robust capitalization levels characterized by high Tier I CAR.
The bank reported 3.74% rise in its net profit at Rs 80.42 crore for the quarter ended September 30, 2012 as compared to Rs 77.52 crore for the same quarter in the previous year. Total income of the bank has increased by 29.50% at Rs 596.03 crore for quarter under review as compared to Rs 460.24 crore for the quarter ended September 30, 2011.
