Financial Daily from THE HINDU group of publications
Saturday, May 28, 2005
Financial Daily from THE HINDU group of publications Saturday, May 28, 2005 |
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Money & Banking
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Financial Performance Corporate Results - Private Banks Karur Vysya net dips to Rs 105 cr Our Bureau
Coimbatore , May 27 KARUR Vysya Bank has declared 100 per cent dividend for the second year in a row. This decision was taken at its board meeting in Karur on Friday. The KVB Chairman, Mr P.T. Kuppuswamy, said the net profit for the fiscal ended March 2005 dipped to Rs 105.34 crore, against Rs 161.05 crore a year ago. He attributed the fall to the depreciation suffered by the bank's investment portfolio owing to rise in interest rates. `The bank has taken a hit in its profit and loss accounts to Rs 67.86 crore for the year ended March 2005. This was due to depreciation of Rs 44.01 crore on shifting of securities from AFS (available for sale) category to HTM (held to maturity) category, Rs 12.89 crore on revaluation of government securities under AFS and HFT (held for trading) categories and amortisation of premium of Rs 10.96 crore on securities under HTM category. By shifting high coupon government securities from AFS to HTM, the bank has mitigated future interest rate risk on these investments," he said. During the year, the deposits grew 12.87 per cent, while advances were up 15.60 per cent compared to March 2004.The total income, however, dipped to Rs 703.92 crore (Rs 721.8 crore). The net NPA to net advances was contained at 1.66 per cent.
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