 "Karur Vysya Bank")
Tamil Nadu-based Karur Vysya Bank (KVB) has posted a 43 per cent rise in net profit for the third quarter of the financial year 2023-24, amounting to Rs 412 crore, up from Rs 289 crore in the corresponding quarter of the previous year.
The bank's total income from operations saw a 24 per cent increase to Rs 2,497 crore for the quarter ending in December 2023, compared with Rs 2,013 crore in the same period a year ago. Net interest income grew by 12.6 per cent to Rs 1,001 crore versus Rs 889 crore for the corresponding quarter of the previous year. The net interest margin stands at 4.32 per cent, slightly down from 4.36 per cent for the same quarter last year.
Operating expenses for the quarter amounted to Rs 683 crore, compared with Rs 518 crore during the corresponding quarter of the previous year. “We have been able to continue to demonstrate our consistent performance in terms of growth, profitability, and asset quality for the quarter ending December 2023. Our total business crossed Rs 1,58,357 crore. Besides the numbers, the qualitative changes that we have introduced give us confidence in sustained improvement in our performance in the coming days,” said Ramesh Babu B, managing director and chief executive officer, Karur Vysya Bank.
The cost of deposits increased by 99 basis points (bps) to 5.25 per cent, compared with 4.26 per cent for the corresponding quarter of the previous year. The yield on advances grew by 102 bps to 10.16 per cent, up from 9.14 per cent for the same quarter last year. Commission and fee-based income improved by 22.16 per cent on a year-on-year basis to Rs 226 crore, from Rs 185 crore for the corresponding quarter of the previous year.
