Karur Vysya Bank Q3 net up 43% on all-round growth

Karur Vysya Bank Managing Director and Chief Executive Officer B. Ramesh Babu says that the growth momentum would be carried for the next quarter of FY24.
| Photo Credit: Special Arrangement

Karur Vysya Bank Ltd (KVB) standalone net profit for the quarter ended December registered 43% growth at ₹412 crore over the year-ago period due to inclusive growth from all the business segments.

Net interest income increased by 13% to ₹1,001 crore and net interest margin slid to 4.32% from 4.36%. Cost of deposits increased by 99 bps and stood at 5.25%, said the private sector lender in a statement.

Gross non-performing assets (GNPA) improved by 112 bps and stood at 1.58% of gross advances (₹1,152 crore), while net NPA was 0.42% of net advances ₹305 crore against ₹550 crore.

Provision Coverage Ratio rose to 94.81% from 90.87%. The bank had a capital adequacy ratio of 15.39% (17.62%).

Total business increased by 15% to ₹1,58,357 crore, of which total deposits accounted for ₹85,665 crore, a Y-o-Y growth of 13%.

“The inclusive growth from all the business segments has helped us to reach net profit of ₹1,149 crore for the nine months period and ₹412 crore for the quarter,” said MD & CEO Ramesh Babu B.

“Besides numbers, the qualitative changes that we have brought in gives us the confidence of sustained improvement in our performance in the days to come. The momentum would be carried for the exit quarter of this fiscal,” he said.