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CUB announces rights issue

Posted on Nov 03, 09:52PM | UNI

City Union Bank Ltd (CUB) announced the working results for the half year ended September 30, 2012 and rights issue.

The decisions were announced at their Board meeting held here today.

For the Half year ended September 30, deposits of the bank increased by 20 per cent to Rs 17,688.59 cr from Rs 14722.16 crore as on September 30, 2011.

Advances have increased from Rs 10,600.00 crore as on September 30, 2011 to Rs 13,436.79 cr as on September 30,2012 registering a growth of 27 per cent.

Total business increased by 23 per cent to Rs 31,125.38 cr as on September 30,2012 from Rs 25,322.16 crore as on September 30,2011.

For the half year ended 30.09.2012, the Gross Profit of the bank stood at Rs.242.45 crore and Net Profit was Rs 154.31 crore The Board has announced its decision to raise capital by issue of equity shares on right basis in the ratio of 1 new share for every 4 shares held at the issue price of Rs 20 per share including premium. The record date for deciding the eligibility has been fixed as November 23, 2012.

A special feature of this issue is reservation of a part of this issue to the bank's employees being done for the first time in the industry, a bank release claimed here today.