Karur Vysya Bank Q1 Results: Tamil Nadu-based lender's net profit grows 28%

Private sector Karur Vysya Bank has reported a net profit of Rs 458.65 crore for the April-June 2024 quarter up by 27.86 per cent.

The Tamil Nadu-based bank had registered a net profit of Rs 358.63 crore during the corresponding quarter of last year.

For the year ended March 31, 2024 the net profit of the bank stood at Rs 2,100.19 crore.

Total income from operations during the quarter under review grew to Rs 2,672.88 crore as against Rs 2,216.07 crore registered in the same period of last year.

Total income for the year ending March 31, 2024 was Rs 9,862.63 crore.

Commenting on the financial performance, the bank's Managing Director and CEO Ramesh Babu B said, "We have another strong quarter of performance built on our guidance of three metrics -- growth, profitability and asset quality. The bank's performance indicators are in line with our guidance and bank is seeing consistent and steady growth."

"It is encouraging to note our inclusive growth in RAM verticals, highlighting a strong start to this financial year. I am confident that the same will continue rather we will aim for further improvement of the performance in the ensuing quarters."

"Our 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," he said.

Total business as on June 30, 2024 stood at Rs 1,70,059 crore, registering a year-on-year growth of 15.16 per cent from Rs 1,47,671 crore as on June 30, 2023.

As of June 30, 2024, the bank's distribution network stands at 840 branches, 1 digital banking unit and 2,253 ATMs.