India's City Union Bank drops after Q4 profit miss

City Union Bank

21/05/2024 05:49

** Shares of Indian private lender City Union Bank  CTBK.NS 
down 5.4% at 144.9 rupees, its worst intra-day drop since Aug
2023
    ** Co on Monday reported Q4 profit slightly below analysts'
estimates 
    ** Recovery in loan growth momentum is crucial for operating
leverage benefits and any potential stock re-rating, HDFC
Securities said in a note
    ** CTBK needs to solve for growth, given pressure on margins
from deposit repricing, potential rate cut cycle in H2FY25 -
HDFC
    ** CTBK shares down 2.8% YTD vs 0.6% drop in bank index
 .NSEBANK  and 12% gains in small-cap index  .NIFSMCP100 

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))