India's City Union Bank loses most in 34 months on higher provisions in Q3

City Union Bank

13/02/2023 06:24

** Shares of private lender City Union Bank Ltd  CTBK.NS  fall as much as
13.78% to 138.00 rupees, marking sharpest intraday pct loss since March 23, 2020
    ** City Union stock hits lowest level since July 4, 2022
    ** The bank on Saturday reported an 81.8% rise in provisions and
contingencies to 2.25 bln rupees ($27.21 mln) in the quarter ended Dec 31
    ** "Lower working capital utilisation levels as well as lack of capex credit
led to lower credit growth along with weaker deposit growth," Macquarie Research
notes said, flagging a low loan growth of 12% YOY
    ** More than 10 mln shares change hands, 4.1x the 30-day avg, marking most
active trading session since Dec 21, 2022
    ** Stock trading below 30 on the relative strength index (RSI), suggesting
the stock may be oversold
    ** Analysts on an average rate the stock at "buy", median PT is 195 rupees -
Refinitiv Data
    ($1 = 82.6800 Indian rupees)
 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com;))