Chennai: Karur Vysya Bank has reported a double-digit growth in net profit for the third quarter of this fiscal, amid a marginal decline in operating profit, while the balance sheet in a record crossed Rs one lakh crore.
Karur Vysya Bank has reported a 42.56 per cent jump on its net profit for the October-December 2023 quarter to Rs 412 crore.
The December 2023 quarter saw the Bank’s balance sheet cross Rs 1 lakh crore.
The bank’s total income from operations saw a 24 per cent increase to Rs 2,497 crore for the quarter ending in December 2023, compared with Rs 2,013 crore in the same period a year ago. Net interest income grew by 12.6 per cent to Rs 1,001 crore versus Rs 889 crore for the corresponding quarter of the previous year. The net interest margin stands at 4.32 per cent, slightly down from 4.36 per cent for the same quarter last year.
“Our total business crossed Rs 1,58,357 crore. The inclusive growth from all the business segments has helped us to reach a net profit of Rs1,149 cr for the 9-month period and ₹412 cr for the quarter,” said B Ramesh Babu, Managing Director & CEO, The Karur Vysya Bank.
The cost of deposits increased by 99 basis points to 5.25 per cent, compared with 4.26 per cent for the corresponding quarter of the previous year. The yield on advances grew by 102 bps to 10.16 per cent, up from 9.14 per cent for the same quarter last year. Commission and fee-based income improved by 22.16 per cent on a year-on-year basis to Rs 226 crore, from Rs 185 crore for the corresponding quarter of the previous year, a KVB release said on Tuesday.
The balance sheet size of the Bank stood at Rs 1,02,868 crore as of December 31, 2023, as against Rs 89,013 crore as of December 31, 2022, an increase of 16 per cent.
Total deposits grew by 13 per cent at Rs 85,665 crore as compared to Rs 75,932 crore a year ago. CASA’s share declined to 32 percent from 34 percent a year ago. CASA deposits grew by five per cent to Rs 27,012 crore.
For the nine months, the Bank’s net profit grew by 50 per cent at Rs 1,149 crore when compared with Rs 768 crore in the April-December 2022 period.
