Karur Vysya net rises 2-fold

Karur Vysya Bank Ltd (KVB) has reported a over two-fold increase in net profit for the June 2009 quarter at Rs 70.35 crore as against Rs 30.53 crore during the same period last year. MD & CEO P T Kuppuswamy attributed the growth in net profit to net interest margin, which rose to 2.8 per cent from 2.42 per cent the previous year. Non-interest income rose to Rs 80.47 crore from Rs 39.25 crore. Total income rose 29 per cent to Rs 487.37 crore in first quarter.