CUB to restructure 1,326 pre-COVID accounts: MD

Private sector lender City Union Bank (CUB) has identified 1,326 borrower accounts (pre-COVID) for restructuring during the fourth quarter, CEO and MD N. Kamakodi said. He added that the time was not right to push credit growth.

“We are waiting for a better general economic environment, expecting better growth and lower non-performing assets,” he said.

To bring down NPAs, the bank has identified 102 accounts of ₹517 crore under MSME category and 1,224 accounts of ₹520 crore in the non-MSME category for restructuring in the fourth quarter. “Overall the total restructuring will be around 5-6%, which is well within range. As the regulatory instructions prohibit restructuring of stressed accounts during the pandemic period, we hope these would improve as we move forward,” Mr. Kamakodi said.

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