Karur Vysya Bank Q3 results: Net profit grows 20.39% to Rs 496 crore

The bank's net interest income (NII) increased by 7.79 per cent to Rs 1,079 crore compared to Rs 1,001 crore in the same period last year

Bs_logoKarur Vysya Bank
The bank’s total business crossed Rs 1,81,993 crore, supported by inclusive growth across all business segments. (File Image: X)
BS Reporter Chennai
2 min read Last Updated : Jan 20 2025 | 6:59 PM IST
Tamil Nadu-based Karur Vysya Bank (KVB) reported a 20.39 per cent increase in net profit for the third quarter of the financial year 2024-25 (Q3FY25), rising to Rs 496 crore from Rs 412 crore in the corresponding quarter of the previous year.
 
The bank’s net interest income (NII) increased by 7.79 per cent to Rs 1,079 crore compared to Rs 1,001 crore in the same period last year. The net interest margin (NIM) stood at 4.03 per cent, down from 4.32 per cent in the corresponding quarter of the previous year.
 
“We have delivered another strong quarter of performance, guided by our three key metrics: growth, profitability, and asset quality. The bank’s performance indicators align with our guidance, demonstrating consistent and inclusive growth,” said Ramesh Babu B, managing director and chief executive officer of KVB.
 
The gross non-performing assets (GNPA) ratio improved by 75 basis points to 0.83 per cent of gross advances as of December 2024 (Rs 691 crore), compared to 1.58 per cent as of December 2023 (Rs 1,152 crore). The net non-performing assets (NNPA) ratio fell below 1 per cent to 0.20 per cent of net advances (Rs 167 crore), compared to 0.42 per cent (Rs 305 crore) in December 2023. 
“We have maintained a strong trajectory of growth in the retail, agriculture, and micro, small, and medium enterprises (RAM) verticals, continuing the solid start made earlier this year. I am confident this momentum will be sustained,” Ramesh Babu added.
 
The bank’s total business crossed Rs 1,81,993 crore, supported by inclusive growth across all business segments. KVB reported a net profit of Rs 1,428 crore for the nine months ending December 2024. 

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The cost of deposits increased by 41 basis points to 5.66 per cent, compared to 5.25 per cent in the same period last year. Meanwhile, the yield on advances remained steady at 10.16 per cent.
 
Operating expenses for the quarter were Rs 731 crore, up from Rs 683 crore in the corresponding period last year. The cost-to-income ratio improved to 47.27 per cent, down from 50.27 per cent in Q3FY24.
 
KVB’s distribution network comprises 866 branches, including one Digital Banking Unit, and 2,197 automated teller machines (ATMs). Around 55 per cent of its branches are located in semi-urban and rural areas.

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Topics :Karur Vysya BankIndian banking sectorIndian Banks

First Published: Jan 20 2025 | 6:59 PM IST

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