Rakesh Jhunjhunwala stock: Karur Vysya Bank share price gains after net profit surges by 110% in quarter 1

Karur Vysya Bank q1 results: Karur Vysya Bank reported a growth of 110% in net profit to Rs 229 crore in the quarter ended on June 2022. The private lender had registered a net profit of Rs 109 crore in the same quarter of the previous year, the company said in regulatory filing on Tuesday.  

Shares of Karur Vysya Bank, one of the stocks in celebrity investor Rakesh Jhunjhunwala in the quarter ended March 2022, rose one and half per cent in BSE intraday trade on Tuesday. Rakesh Jhunjhunwala holds 4.5% stake (35,983,516 shares) of the company in the January-March quarter. Karur Vysya Bank shareholding for the June quarter is yet to be made public by the company.  

Karur Vysya Bank Q1 results 2022 highlights:  

*Net profit for the quarter grew by 110% and stood at Rs. 229 crore from Rs. 109 crore during Q1 of previous year. 

*Operating profit for the quarter was Rs. 475 crore as compared to Rs. 412 crore. 

*Net interest income for the quarter improved by ~17% (Rs. 108 crore) to Rs. 746 crore for the current quarter vis-à-vis Rs. 638 crore for Q1 of previous year. 

*Net interest margin stands at 3.82% up 27 bps from 3.55% a year ago. 

*Cost of deposits has improved by 44 bps and stands at 4.09% as compared to 4.53% during the previous year. 

*Yield on advances is at 8.27% (8.55% for Q1 of previous year).  

*Non-interest income for the quarter is Rs. 199 crore during the current quarter as compared to Rs. 203 crore a year ago. 

* Fee based income has improved by Rs. 40 crore on Y-o-Y basis to Rs. 187 crore from Rs. 147 crore during the previous year. 

*Operating expenses for the quarter was Rs. 469 crore as compared to Rs. 429 crore during Q1 of previous year. 

*Cost to income ratio stands at 49.68% (51.03% for Q1 of previous year).