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Karur Vysya Bank Q3 net profit surges by 56% to ?289 cr

January 23, 2023 06:31 pm | Updated January 26, 2023 10:10 am IST - CHENNAI

B. Ramesh Babu, MD & CEO, Karur Vysya Bank Ltd.

B. Ramesh Babu, MD & CEO, Karur Vysya Bank Ltd.

Private sector lender Karur Vysya Bank Ltd. (KVB) standalone net profit for the quarter ended December rose by 56% to ?289 crore due to increase in net interest income and improvement in asset quality.

During the quarter under review, total income rose by 37% to ?1,206 crore, of which net interest income improved by 29% to ?889 crore and non-interest income by ?317 crore (?196 crore). Net interest margin increased by 64 bps to 4.32%, it said in a statement.

Gross non-performing assets (GNPA) declined to 2.66% of gross advances (?1,674 crore) against 6.97% (?3,888 crore) in the year-ago period.

Net NPA was down to 0.89% from 2.55% of net advances at ?550 crore. Provision coverage ratio increased to 90.87% from 78.8%.

Cost of deposits increased by 4 bps and stood at 4.26%, while yield on advances improved to 9.04% from 8.42%. Fee based income rose by ?22 crore to ?184 crore.

Total business rose by 13.4% to ?1,39,062 crore, of which deposits accounted for ?76,175 crore.

The bank had a Capital Adequacy Ratio of 17.86%.

On January 23, the board approved the proposal for re-appointment of B. Ramesh Babu as the managing director and CEO of the bank for a further period of three years, with effect from July 29, 2023.

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