City Union Bank Board Clears Plan To Raise ₹5 Billion Via QIP

City Union Bank Ltd. on Wednesday said its board has approved a proposal to raise up to ₹5 billion through a qualified institutional placement. Shareholder approval will be sought at the upcoming annual general meeting on August 13, the bank said in a filing.

The board also approved a dividend of ₹2 per share for 2024–25, which had already been announced with the March quarter results on May 2. 

In the fourth quarter, the Tamil Nadu-based lender posted a 13% rise in net profit to ₹2.88 billion, helped by higher interest and other income. However, provisions also saw a sharp rise during the quarter.