Comments
Karur Vysya Bank (KVB) registered a 56 per cent increase in net profit at ₹289 crore for the quarter ended December 31, 2022, compared with ₹185 crore in the year-ago period, aided by strong growth in net interest income and other income amid higher provisions.
The bank continues its healthy performance in terms of profitability as well as asset quality, said a statement.
The bank’s operating profit increased to ₹689 crore (₹401 crore), an increase of 72 per cent.
Net interest income grew 30 per cent to ₹899 crore (₹686 crore)). Other income grew 62 per cent to ₹317 crore (₹196 crore) with fee-based income recording an increase of 14 per cent at ₹184 crore.
Operating expenses were higher at ₹517 crore (₹481 crore). Total provisions (excluding tax) were higher at ₹364 crore (₹146 crore), of which NPA provisions stood at ₹250 crore (₹99 crore).
Slippages were lower at ₹15 crore (₹84 crore). Gross NPA declined to 2.66 per cent from 6.97 per cent a year ago and 3.97 per cent in September 2022 quarter, while GNPA stood at 0.89 per cent as against 2.55 per cent a year ago and 1.36 per cent in Q2.
Total deposits grew by 14 per cent at ₹76,175 crore (₹66,871 crore a year ago). CASA grew 7 per cent at ₹25,800 crore (₹24,127 crore). But CASA’s share in the deposit portfolio fell to 34 per cent from 36 per cent a year ago.
Gross advances increased by 13 per cent to ₹62,887 crore (₹55,793 crore).
Return on assets increased to 1.32 per cent (0.93 per cent in December 2022 quarter).
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.