Chennai, July 18 (UNI) Karur Vysya Bank (KVB) on Thursday said its Net profit for the quarter ending June 2024 registered a robust growth of 27.86% and stood at Rs 459 crore.
It was Rs 359 crore during the corresponding quarter of previous year, a KVB release said.
The PPOP for the quarter increased by 15.12% at Rs 746 crore, as compared to Rs 648 crore for
corresponding quarter of the previous year.
Net interest income increased by 14.27% to Rs 1,025 crore vis-à-vis Rs 897 crore for corresponding quarter of previous year.
Net interest margin stands at 4.13% down by 6 bps as compared to 4.19% for the corresponding quarter of the previous year.
Cost of deposits has increased by 52 bps and stands at 5.48% as compared to 4.96% for the
corresponding quarter of previous year.
Yield on advances grew to 10.10% by 41 bps as compared to 9.69% for the corresponding quarter of the previous year.
Commission and fee-based income has improved by 18.05% on Y-o-Y basis to Rs 242 crore from Rs 205 crore for corresponding quarter of the previous year.
Operating expenses for the quarter was Rs 667 crore as compared to Rs 582 crore during the
corresponding quarter of previous year. Cost to income ratio stands at 47.20% (47.29% for Q1 of previous year).
Announcing the financial results for the quarter, KVB MD and CEO Ramesh Babu B, said, the Bank continues its healthy performance in terms of business growth, profitability as well as asset quality.
“We have another strong quarter of performance built on our guidance of three metrics - Growth, Profitability and Asset quality. Bank’s performance indicators are in line with our guidance and bank
is seeing consistent and steady growth", he said.
"It is encouraging to note our inclusive growth in RAM verticals, highlighting a strong start to this financial year. And, I am confident that the same will continue rather we will aim for further improvement of the performance in the ensuing quarters", he added.
He said the Bank's total business crossed Rs 1,70,059 crore. The inclusive growth from all the business segments has helped us to reach net profit of Rs 459 crore for the quarter.
The Balance sheet size as of June 30, 2024 was Rs 108,874 crore as against Rs 94,607 crore
as of June 30, 2023, a growth of 15.08%.
Total business stands at Rs 1,70,059 crore, registering a Y-o-Y growth of 15.16% i.e. up by
Rs 22,388 crore from Rs 1,47,671 crore as on June 30 last year.
Total deposits stands at Rs 92,349 crore, registering a Y-o-Y growth of 14.41% i.e. up by
Rs 11,634 crore from Rs 80,715 crore.
Total advances stands at Rs 77,710 crore registering a Y-o-Y growth of 16.06% i.e. up by
Rs 10,754 crore from Rs 66,956 crore.
Capital Adequacy Ratio (CRAR) as per Basel III guidelines was at 16.47% as on June 30, 2024
(17.67% as on June 30, 2023) as against a regulatory requirement of 11.50%.
Gross non-performing assets (GNPA) has improved by 67bps and stands at 1.32% of gross
advances as on June 30, 2024 (Rs 1,025 crore) and 1.99% as on June 30, 2023 (Rs 1,330 crore).
Net non-performing assets (NNPA) is below 1% and stands at 0.38% of net advances as on
June 30, 2024 (Rs 294 crore), 0.59% as on June 30, 2023 (Rs 390 crore).
Provision Coverage Ratio (PCR) was at 94.91% as of June 30, 2024, as against 93.41% as at
June 30, 2023.
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