Karur Vysya Bank’s Q4 FY22 net profit more than doubled to ₹213.47 crore against net profit of ₹104.37 crore during the same quarter of the previous fiscal.
The bank’s interest income grew over 4 per cent year-on-year to ₹1,409.27 crore from ₹1,349.31 crore in Q4 FY21.
The asset quality of the bank has also shown good improvement. Karur Vysya Bank’s gross non-performing assets (NPAs) as a percentage of gross advances fell to 5.96 per cent in Q4 FY22 from 7.85 per cent a year ago. Net NPA also fell to 2.28 per cent from 3.41 per cent.
For the full fiscal year FY22, Karur Vysya Bank’s net profit jumped over 87 per cent to ₹673.27 crore from ₹359.39 crore in FY21 on significant control over expenditure; the total expenditure of the bank for the fiscal fell to ₹4,726.52 crore (₹5,097.74 crore) due to fall in interest expenditure, wage cost and other operating expenses.
Operating profit for the fiscal grew 26 per cent to ₹1,630.21 crore (₹1,291.51 crore). Total deposits and gross advances grew by 9 per cent to ₹68,676 crore and ₹57,550 crore, respectively.
Karur Vysya Bank’s total business as on March 31, 2022, stood at ₹1,26,226 crore, a y-o-y growth of 8.72 per cent.