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City Union Bank delivered a strong Q4 FY26 with advances growing 26% YoY to ₹66,698 crore, the highest in 13 years, driven by MSME, gold loans, and secured retail. Deposits grew 23% YoY to ₹78,338 crore, maintaining a CD ratio of 85%. Asset quality improved sharply: gross NPA fell below 2% for the first time in 11 years to 1.91%, and SMA (0+1+2) declined to 2.47% from 3.68% in Q3. PAT for FY26 rose 18% YoY to ₹326 crore, with ROA at 1.56%. The outgoing MD highlighted disciplined underwriting and avoidance of risky sectors. New CEO guided for advances growth 2-3% above industry, stable NIM around 3.87%, and ROA improvement to 1.65-1.66% in FY27. Elevated opex from 70 new branches may pressure near-term margins. Key risk: US-Iran conflict impact on inflation and asset quality, though management sees no signs yet.
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Guidance to track
- Management targets credit growth 2-3% higher than system growth, with MSME at 55-60%, gold loans 30-35%, and secured retail the rest.
- The bank aims to keep credit-deposit ratio in the 85-87% range, supported by granular deposit growth.
- New CEO guided for ROA to exit FY27 at 1.65-1.66%, up from 1.56% in FY26, driven by fee income and cost control.
- Elevated opex due to opening 70 branches in April alone; full-year branch addition target of 75.
Risks flagged
- Management acknowledged potential risks from geopolitical tensions and oil price inflation, but stated no impact seen yet. They are closely monitoring SMA trends.
- Analyst raised concern about gold loan portfolio if prices fall 10-15%. Management responded that per-gram lending was capped at ₹10,300, providing sufficient cushion.
- Opening 70 branches in one month will increase opex by 15-18% in FY27, potentially pressuring near-term margins until new branches break even.
Key quotes
- We had successfully avoided many pitfalls be it the corporate consortiums or infrastructure lending or unsecured retail... which had in fact dented the asset quality of the entire banking system.
- We should exit this year with at least 10 bps more in ROA, so we should be there between 1.65 to 1.66.
- The best of CUB is yet to come and probably will be having many more milestones in the years to come under the leadership of my successor.
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