Chennai, Aug 12 (IANS): Closing the first quarter with a net profit of Rs.111.56 crore, private sector City Union Bank (CUB) will expand its branch network to 500 by 2015-end, a top official said.

"The bank has posted 12 percent higher net profit in the first quarter of the current fiscal at Rs.111.56 crore as against Rs.99.49 crore for the quarter ended June 30, 2014," N. Kamakodi, managing director and CEO, told reporters here on Wednesday.

He said the bank's total income for the period under review was at Rs.810.93 crore up from Rs.754.03 crore for the quarter ended June 30, 2014.

According to Kamakodi, the bank loan slippage during the quarter was Rs.72 crore which was lower compared to previous quarters.

Speaking about network expansion, he said the bank's branch network would touch 500 number this calendar year from the current 481 branches.

He said that CUB will also open self service branches numbering around 50 by the end of this fiscal.

"As per our study a customer visits a bank branch mainly to deposit/withdraw cash or update his/her passbook. The self service branches will have cash acceptors and dispensers," Kamakodi said.

An account holder can withdraw up to Rs.50,000 and deposit cash up to Rs.200,000. All the operations will be automated one," Kamakodi added.