Latest news with #N.Kamakodi
The Hindu
02-08-2025
- Business
- The Hindu
Expected rebound in export growth will not happen quickly amid U.S. tariff row: CUB MD
MSMEs expecting a rebound in export growth would now have to reconcile to the fact that it would not happen quickly amid a 25% tariff imposed by the U.S., N. Kamakodi, MD and CEO, City Union Bank (CUB) said. CUB has a MSME loan book of almost 50%, he told The Hindu in an interview. About ₹1,200 crore of the ₹55,000-crore book has exposure to exports. Out of that, ₹200 crore will be focused on U.S. exports, Mr. Kamakodi said. 'MSMEs have been able to survive by diversifying into other markets and also by focusing on the domestic market. The rupee depreciation is also helping them in their exports to other countries and offering them a cushion,' he said. 'Though it is challenging, entrepreneurs would reinvent themselves and bounce back,' Mr. Kamakodi said. On financial performance, he said the bank faced growth challenges in the financial year 2022-2023 and it stabilised in the financial year 2024-2025. 'We closed the financial year 2024-2025 with 14% credit growth. The same momentum is continuing. We had a credit growth of 16% for the first quarter of 2025-2026, with growth coming from all segments,' Mr. Kamakodi said. He also said the industry-wise concerns expressed around deposit growth during the same time in the last financial year, has normalised now. The bank's deposits grew 20% in the first quarter of 2025-2026. Mr. Kamakodi said there is around ₹500 crore incremental growth in Current Account Savings Account (CASA) deposits in the first quarter of 2025-2026 from the fourth quarter of 2024-2025. He also said the bank is seeing a decline in gross and net non-performing assets (NPA) in the last 8-10 quarters and the trend is expected to continue. The bank is looking to grow 2-3% more than the industry growth in the current financial year, Mr. Kamakodi said. As per regulations, Mr. Kamakodi who has been at the helm of the bank for 14 years now, has to step down and hand over the responsibilities to his successor on April 30, 2026. 'The succession planning will kickstart from October. A panel has to send names to the regulator for approval and a final decision would be taken. It will take another 3-4 months,,' Mr. Kamakodi said.
Time of India
04-07-2025
- Business
- Time of India
City Union Bank receives digital payments award from the Union Finance Minister
On 18th June, Dr Managing Director and Chief Executive Officer of City Union Bank received the Digital Payments Award from the Union Finance Minister, Nirmala Sitharaman. The award was conferred in the ceremony held at Plenary Hall, Vigyan Bhawan, New Delhi. CUB has received the award for the second position among private sector banks. The Department of Financial Services, Ministry of Finance organised the 'Digital Payments Awards, to acknowledge the innovative and exemplary works done by banks and fintechs in the promotion of digital payments. City Union Bank was selected as one of the winners of Digital Payments Awards, for the overall digital payment's performance during FY 2024-25. City Union Bank Ltd., the oldest Private Sector Bank in India, was founded in 1904 and is headquartered at Kumbakonam, Tamil Nadu, India. The Bank has completed 120 years of Service to the nation. It has 880 branches and 1767 ATMs spread across the country. The Bank has been earning net profit and paying dividends to shareholders every year. The Bank has total business of Rs 116,592 Cr as on 31.03.2025. The net profit of the bank for the financial year 2024-25 is Rs 1,124 Cr. CUB has been a pioneer in providing advanced technology solutions to meet evolving needs of its diverse customer base. Tap, pay & go payments through Key chain and fitness watch, voice based authentication for logging into Mobile banking, Multilingual Voice Chatbot in regional languages, Voice based UPI123 pay, end to end digital loan processing and Nap ID fraud filter layer are the latest innovations in this direction. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
