Karur Vysya Bank Q1 results: Net profit rises 27.86% to Rs 459 crore

Tamil Nadu-based Karur Vysya Bank (KVB) has posted a 27.86 per cent growth in net profit during the first quarter of the financial year to Rs 459 crore, compared to Rs 359 crore during the corresponding quarter of the previous year.

During the period under review, the bank's net interest income increased by 14.27 per cent to Rs 1,025 crore versus Rs 897 crore for the corresponding quarter of the previous year. Ramesh Babu B, managing director and chief executive officer, Karur Vysya Bank, said, “We have another strong quarter of performance built on our guidance of three metrics - growth, profitability, and asset quality. The bank’s performance indicators are in line with our guidance and the bank is seeing consistent and steady growth.”

Net interest margin posted a dip to 4.13 per cent, down 6 basis points compared to 4.19 per cent for the corresponding quarter of the previous year. Cost of deposits increased by 52 bps and stands at 5.48 per cent compared to 4.96 per cent for the corresponding quarter of the previous year.

Operating expenses for the quarter were Rs 667 crore compared to Rs 582 crore during the corresponding quarter of the previous year.

Total deposits as of June 2024 stand at Rs 92,349 crore, registering a Y-o-Y growth of 14.41 per cent from Rs 80,715 crore. Total advances as of June 2024 were Rs 77,710 crore, registering a Y-o-Y growth of 16.06 per cent from Rs 66,956 crore. RAM registered a growth of 20 per cent Y-o-Y and 6 per cent Q-o-Q.

Total business as of June 30, 2024, stands at Rs 1,70,059 crore, registering a Y-o-Y growth of 15.16 per cent compared to Rs 1,47,671 crore last fiscal.