Private sector lender City Union Bank has received the first batch of repayment of Rs.100 crore from low-cost air carrier SpiceJet, a top official said today.
“Our exposure to SpiceJet is Rs.200 crore. We received Rs.100 crore as repayment. So 50 per cent of the payment been repaid,” City Union Bank, Managing Director and CEO, N Kamakodi told reporters here.
“We are in continuous discussion and the repayments have been made without any problem.The first Rs.100 crore was paid before March 31, 2015. I think they will repay the balance over a period of time,” he said.
Declaring annual financial results of the bank, Kamakodi said, net profits jumped 18.8 per cent to Rs.99.07 crore in the fourth quarter ending March 31 from Rs.83.34 crore registered during year ago period.
Total income of the bank for the March quarter was Rs.793.64 crore, up from Rs.720.64 crore during previous year.
For the full financial year, net profit of the bank grew by 13.8 per cent to Rs.395.02 crore from Rs.347.07 crore during the corresponding period last fiscal.
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