Page 2 - Karur Vysya Bank

Karur Vysya Bank to open 100 new branches in FY25: MD & CEO Ramesh Babu

Private sector Karur Vysya Bank has set a target of opening 100 new branches during the current financial year across the country, a top official said on Wednesday. The Tamil Nadu-based bank's 840th branch in Ayodhya was inaugurated by the bank's Chairperson Meena Hemchandra. Karur Vysya Bank Managing Director and CEO B Ramesh Babu said the bank had opened 39 branches during the current financial year and proposes to add about 100 new branches across the country during the period. In a statement, here, Babu said the bank recorded the highest-ever annual net profit of Rs 1,605 crore in the last financial year while the net Non-Performing Assets (NPA) were at 0.40 per cent as on March 31, 2024. "The bank continues its strong growth momentum, consistency in asset quality and profitability," he said. Babu along with Directors of the Bank Sarvashri K S Ravichandran, R Ramkumar and K G Mohan were present at the inauguration of the new branch in Uttar Pradesh, which is also the 35th bran

Karur Vysya Bank Q4 results: Net profit rises 35% to Rs 456 crore

Private sector lender Karur Vysya Bank on Monday reported a 35 per cent rise in net profit to Rs 456 crore in the March quarter. The Tamil Nadu-based bank had earned a net profit of Rs 338 crore in the year- ago period. The total income increased to Rs 2,813 crore during the quarter under review, as against Rs 2,169 crore in the corresponding period a year ago, the bank said in a regulatory filing. The interest income of the bank grew to Rs 2,185 crore during the period under review, from Rs 1,768 crore in the corresponding quarter a year ago. On the asset quality side, the bank's gross non-performing assets (NPAs) moderated to 1.40 per cent of gross advances as of March 2024, from 2.27 per cent at the end of March 2023. Net NPAs also declined to 0.40 per cent of the advances, from 0.74 per cent at the end of 2023. However, provision and contingencies remained flat at Rs 293 crore. For the financial year ended March 2024, the bank's net profit increased 45 per cent to Rs 1,605 c

South Indian Bank, Karur Vysya Bank post double digit growth in deposits

The deposits of South Indian Bank grew by 11.21% year-on-year (Y-o-Y) to Rs 1,01,929 crore from Rs 91,651 cr. Meanwhile, the deposits of Karur Vysya Bank rose by 16.28% Y-o-Y to Rs 89,113 cr

Karur Vysya Bank Q3 results: Net profit rises 43% to Rs 412 crore

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

Karur Vysya Bank biz grows at 14.74% to stand at Rs 1.58 trn for Q3FY24

The lender announced that ICICI Prudential Asset Management Company Limited (ICICI AMC) received approval from the Reserve Bank of India (RBI) to increase its stake

Stocks to Watch today, Jan 1: Auto, Karur Vysya, PNB, Lodha, United Spirits

Stocks to Watch on Monday, January 1, 2024: The RBI has allowed ICICI Prudential Asset Management Company to acquire aggregate holding of up to 9.95 per cent in Karur Vysya Bank

Karur Vysya Bank surges 7% post record Q2 profit; stock hits 6-year high

The bank reported its highest-ever quarterly profit of Rs 378 crore for the quarter ended September 2023, up 51 per cent from a year ago period.

Karur Vysya Bank net profit surges 51% to Rs 378 cr in quarter ending Sept

Total advances were Rs 70,448 crore, marking a 15.32 per cent growth from Rs 61,086 crore in the previous year

RBI allows HDFC AMC's stake acquisition in DCB Bank, Karur Vysya, 2 others

Federal Bank, Karur Vysya have to ensure that acquisition does not exceed 9.5% of their paid-up share capital

Karur Vsysa Bank raises lending rate by 0.15%, to be effective from Aug 14

Private sector Karur Vysya Bank announced a hike in benchmark lending rate by 0.15 per cent to 7.75 per cent even as the Reserve Bank left its key interest rates unchanged for the third straight meeting on Thursday. The new rate would be effective from August 14, Karur Vysya Bank said in a regulatory filing. The External Benchmark Rate - Repo linked (EBR-R) of the bank would be revised from 9.60 per cent to 9.75 per cent, it said. The Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 6.50 per cent with preparedness to act, should the situation so warrant, Reserve Bank of India Governor Shaktikanta Das said earlier in the day. "Further, with monetary transmission still underway and headline inflation remaining higher than the 4 per cent target, the MPC decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth," he said.

Karur Vysya Bank Q1 net surges 57% to Rs 359 cr, sharp improvement in NPAs

Operating profit up 36% to Rs 648 cr, net interest income rises 20% to Rs 897 crore

Karur Vysya Bank Q1 results: Net profit rises 57% to Rs 359 crore

Private sector lender Karur Vysya Bank on Monday reported 57 per cent rise in net profit at Rs 359 crore for June quarter due to decline in bad loans and increase in interest income. The Tamil Nadu-based lender had posted a net profit of Rs 235 crore in the year-ago period. Total income during the quarter under review increased to Rs 2,216 crore from Rs 1,673 crore in FY23, Karur Vysya Bank said in a regulatory filing. Interest earned by the bank grew to Rs 1,883 crore over Rs 1,474 crore in June quarter a year ago. The bank's asset quality showed improvement as gross Non-Performing Assets (NPAs) declined to 1.99 per cent of gross advances by the end of June 2023, from 5.28 per cent as of June 2022. Similarly, net NPAs or bad loans eased to 0.59 per cent as against 1.93 per cent a year ago. However, Capital Adequacy Ratio of the bank declined 17.67 per cent from 18.98 per cent in the same quarter of FY23.

The ECL model will not dent profits much: Karur Vysya Bank MD & CEO

We will test the waters, ferret out information through our business correspondents, and only then open a branch: B RAMESH BABU, Karur Vysya Bank MD & CEO

Karur Vysya Bank in expansion mode; sets up 800th branch in Chennai

Private sector Karur Vysya Bank on Monday under its expansion drive inaugurated its 800th branch in the city, a top official said. The Tamil Nadu-based lender also inaugurated its digital banking unit on the occasion. "We are delighted to inaugurate our 800th branch and other new branches today, which will provide our customers improved access and proximity to the bank's services," the bank's managing director and CEO B Ramesh Babu said in a statement. TVS Capital Funds Chairman Gopal Srinivasan formally inaugurated the 800th branch in Anna Nagar East, Chennai today. The first Digital Banking Unit (DBU) works completely on digital mode and customers would be able to open their savings account, get their welcome kit along with debit cards and can also apply for retail loans. On the unveiling of digital banking unit, Babu said, it is yet another initiative that would not only enhance customer experience but also be environment friendly which is a core focus area of the bank's corpor

Nifty50 index needs to break above 18,500 for fresh breakout

On the downside, 18,100 is expected to provide support in Nifty

Karur Vysya Bank Q4 net profit up 59% at Rs 338 cr, deposits up 12%

Tamil Nadu-based lender says it faced 'an extremely challenging environment'

Karur Vysya Bank Q4 results: Net profit rises 58.6% to Rs 338 crore

The board of the bank recommended a dividend of Rs 2 per equity share or 100 per cent on the face value Rs 2 each for the financial year ended March 31, 2023

Karur Vysya Bank hands over EVs, RO plant to TTD under ESG initiative

Private sector bank Karur Vysya Bank has handed over five electric vehicles and three reverse osmosis water plants worth Rs 70.73 lakh to Sri Venkateswara Institute of Medical Sciences, Tirupati, the Tamil Nadu based bank said on Wednesday. The Bank's chairperson Meena Hemchandra, managing director and CEO B Ramesh Babu handed over the vehicles and RO plants to Tirumala Tirupati Devasthanams' joint executive officer Sada Bhargavi, Sri Venkateswara Institute of Medical Sciences vice chancellor B Vengamma, a press release said. The donation would fulfil the environment sustainability and climate-related objectives under the Bank's environmental, social and governance initiatives, the release said.

Karur Vysya Bank to offer SBI Life Insurance products at its branches

Private sector Karur Vysya Bank has inked a pact with SBI Life Insurance to offer their insurance products to customers at its branches, the bank said on Tuesday. The Tamil Nadu-based bank offers a range of financial services through similar tie-ups with leading service providers. "In an attempt to offer a wider choice to customers in the life insurance sphere, KVB has inked an agreement with SBI Life." the Managing Director and CEO of the bank B Ramesh Babu said. "I am sure that together both of us will be able to provide not just choice but quality options to the customers in the days to come," he said. On the tie-up with Karur Vysya Bank, SBI Life Insurance MD and CEO Mahesh Kumar Sharma, "we look forward to strengthening the financial immunity of Karur Vysya Bank's customers with our life insurance solutions and tech-enabled services." "We are confident that the partnership will further enable us to expand the insurance market across the bank's presence in the country," he add

RBI imposes Rs 30 lakh penalty on Karur Vysya Bank for non-compliance

The RBI on Friday said it has imposed a penalty of Rs 30 lakh on Karur Vysya Bank for non-compliance with certain provisions related to fraud classification and reporting by commercial banks. In a statement, the Reserve Bank said a Select Scope Inspection (SSI) of the bank was conducted by it from February 21, 2022, to March 4, 2022. An examination of the SSI report and all related correspondence pertaining to the same revealed that the bank failed to report a few accounts as frauds to the RBI within a week of the respective Joint Lenders' Forum (JLF) decisions to do so, the central bank said. In furtherance to the same, a notice was issued to Karur Vysya Bank, advising it to show cause as to why a penalty should not be imposed on it for failure to comply with the directions issued by the RBI. After considering the bank's reply, oral submissions and additional submissions made by the bank, the RBI came to the conclusion that the charge of non-compliance with the directions was ...