India's City Union Bank climbs most in nearly 4 years on upbeat Q2 results

City Union Bank

22/10/2024 05:30

** City Union Bank  CTBK.NS  climbs 12% to 168.7 rupees;
eyes biggest intraday pct gain since Nov. 2020
    ** Stock top gainer on Nifty private bank index
 .NIFPVTBNK , which is down 0.63%
    ** Lender posts ~2% rise in Q2 net profit, 10% gain in
interest earned y/y
    ** Emkay Research says better credit growth and margin
delivery on account of growth in its core agricultural and
non-agricultural gold loan
    ** Upgrades to "add" from "reduce"; hikes PT to 170 rupees
from 160 rupees
    ** Adds, meaningful traction in retail business to further
accelerate growth
    ** More than 12.2 mln shares traded, 5.5x the 30-day avg
    ** YTD, stock up 11% vs NIFPVTBNK's ~4% gain

 (Reporting by Ashna Teresa Britto in Bengaluru)
 ((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))