Karur Vysya Bank has reported a significant rise in its net profit at ₹185 crore for the December 2021 quarter as compared to ₹35 crore in the year-ago quarter. The old private sector bank’s Q3 profit was its highest-ever quarterly profit in the last 18 quarters.
The operating profit of the bank increased to ₹402 crore from ₹269 crore in a year-ago period.
Net interest income grew by 18 per cent at ₹687 crore (₹584 crore in the year-ago quarter). Non-interest income for the December quarter (i.e. excluding treasury profit) improved marginally to ₹209 crore (₹197 crore). The net interest margin was at 3.68 per cent.
Operating expenses were lower at ₹481 crore (₹578 crore). Total expenses stood at ₹1,198.53 crore as compared to ₹1,344.89 crore.
Gross NPA declined to 6.97 per cent during the quarter as compared to 7.37 per cent a year ago. GNPA stood at 7.85 per cent (₹4,143 crore) as of March 31, 2021. Net NPA was maintained at 2.55 per cent as of December 31, 20221.
Total deposits grew by 7.7 per cent to ₹66,871 crore as compared to ₹62,089 crore a year ago. CASA share was up at 36 per cent from 35 per cent a year ago. CASA deposits grew 12.2 per cent on a Y-o-Y basis to ₹24,128 crore (₹21,500 crore).
Gross advances increased by 7.1 per cent Y-o-Y to ₹55,793 crore as compared to ₹52,113 crore a year ago.
“Improved off-take by retail and business segment clientele as well as a robust jewel loan portfolio aided the credit growth during this period. The growth was facilitated through digital processing and improved sourcing through various channels. Jewel Loan portfolio registered 13.7 per cent Y-o-Y growth of ₹1,649 crore and stood at ₹13,718 crore as of December 31, 2021, according to a statement.
For the nine months ended December 31, 2022, the net profit of the bank grew 80 per cent at ₹460 crore as compared to ₹255 crore in the same period the previous year.
Net interest income grew by 15% to ₹2,005 crore (₹1,747 crore), while operating profit was up by ₹100 crore at ₹1,189 crore (₹1,089 crore).