Karur Vysya Bank reports July-Sep quarter net at Rs 378.45 crore

Private sector Karur Vysya Bank on Tuesday reported a profit after tax for the July-September quarter at Rs 378.45 crore. The Tamil Nadu-based bank had registered a profit after tax at Rs 250.23 crore during the corresponding quarter of previous year.

For the half year ending September 30, 2023, the net profit of the bank stood at Rs 737 crore, from Rs 479 crore registered in the corresponding period of last year.

Total income from operations during the quarter under review grew to Rs 2,335.97 crore, from Rs 1,821.05 crore registered a year ago.

For the year ending March 31, 2023 the total income from operations was at Rs 7,675.49 crore.

In a statement, the bank said the total business of the bank breached Rs 1,50,000 crore during the period.

"We have delivered yet another quarter of strong topline and bottom line performance with highest ever quarterly net profit with consistent performance in terms of Growth, profitability and asset quality for the first half year ended September 30, 2023" said the bank's Managing Director and CEO Ramesh Babu B.

"I am pleased to mention that our bank had crossed the historic milestone of total business of 1.5 trillion during the last quarter and reached a level of Rs 1,53,516 crore." he said.

"It is a strong and consistent H1 performance reaching significant milestones and building a solid foundation for the future," he added.

As on September 30, 2023 the bank's total business was at Rs 1,53,516 crore, registering a year-on-year growth of 14.15 per cent from Rs 1,34,484 crore as on September 30, 2022.

On asset quality, the bank said the gross non-performing assets (GNPA) has improved by 228 bps and stood at 1.73 per cent of gross advances as on September 30, 2023 at Rs 1,219 crore.

The Net Non-performing assets (NNPA) is below 1 per cent and stood at 0.47 per cent of net advances as on September 30, 2023 at Rs 324 crore.

The Provision Coverage Ratio was at 94.49 per cent as at September 30, 2023.

On the branch network, the bank said as on September 30, 2023, it was at 824 branches, one digital banking unit and 2,244 ATMs, the statement added.

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