Karur Vysya Bank Ltd. (KVB) posted 57% growth in its standalone net profit for the quarter ended June at ₹359 crore over the earlier period due to inclusive growth from all business segments.
Net interest income increased by 18% to ₹897 crore and net interest margin rose to 4.19% from 3.85% earlier. Provision Coverage Ratio (PCR) rose to 93.41% from 82.74%, it said in a statement.
Gross non-performing assets (GNPA) improved by 329 basis points and declined by 2% and stood at 1.99% of gross advances (₹1,330 crore) against 5.28% or ₹3,107 crore.
Net NPA was 0.59% of net advances and declined to ₹390 crore against 1.93% (or ₹1,098 crore).
Total business rose by 14% at ₹1,47,671 crore, of which deposits accounted for ₹80,715 crore and loan book ₹66,956 crore. Current account savings account (CASA) was up 2%.
“We have been able to continue to demonstrate our consistent performance in terms of growth, profitability and asset quality. The momentum would be carried for the rest of the quarters of this fiscal,” said MD & CEO, B. Ramesh Babu.
Recently, RBI approved the reappointment of Mr. Babu for a further period of three years.
Published - July 17, 2023 08:18 pm IST
