More Stories

Informist, Thursday, Jul 18, 2024

--Karur Vysya Bank Apr-Jun NIM 4.13% vs 4.19% quarter ago 

--Karur Vysya Bank Apr-Jun NII 10.24 bln rupees, up 14% YoY 

--Karur Vysya Bk provision coverage ratio 94.91% as on Jun 30 

--Karur Vysya Bk Basel III capital adequacy ratio 16.47% as on Jun 30 

--Karur Vysya Bank net NPA ratio 0.38% as on Jun 30 vs 0.40% qtr ago 

--Karur Vysya Bank net NPA ratio 0.38% as on Jun 30 vs 0.40% qtr 

--Karur Vysya Apr-Jun provisions 1.33 bln rupees vs 1.59 bln 

--Karur Vysya Bank gross NPA ratio 1.32% as on Jun 30 vs 1.40% qtr ago 

--Karur Vysya Apr-Jun total income 26.73 bln rupees vs 22.16 bln 

--Karur Vysya Apr-Jun net profit 4.59 bln rupees vs 3.59 bln 

NEW DELHI – Karur Vysya Bank's net profit for the June quarter jumped almost 28% on year to 4.59 bln rupees on the back of lower provisions and steady loan growth. Sequentially, the net profit was up 0.6%. According to estimates of three brokerages, the bank's net profit was seen rising to 3.98-4.41 bln rupees in Apr-Jun.

Today, shares of the bank ended 2.1% higher at 206.31 rupees on the National Stock Exchange. The bank released its Apr-Jun earnings during market hours.

In the reporting quarter, the bank's provisions and contingencies fell 16.6% on year to 1.3 bln rupees. Its asset quality improved significantly, with the gross non-performing asset ratio falling to 1.32% as of Jun 30 from 1.99% a year ago. The bank's net non-performing asset ratio fell to 0.38% from 0.59% a year ago. The Basel-III capital adequacy ratio was 16.47% as of Jun 30.

Steady growth in loans also boosted the Tamil Nadu-based private lender's bottom line. The private-sector lender reported 16% on-year growth in gross advances to 777.10 bln rupees as of Jun 30. Net advances increased by 17% on year to 769.65 bln rupees.

Karur Vysya Bank's total income for Apr-Jun was 26.73 bln rupees, up 20.6% on year.

Of the bank's total income, other income rose 16.6% on year to 3.88 bln rupees. However, sequentially, other income fell sharply by 38.2% on a seasonal impact. The bank's net interest income rose 14% on year and 3% on quarter to 10.24 bln rupees.

Total expenses, before provisioning, were up 22.9% on year and down 1% on quarter at 19.27 bln rupees in Apr-Jun. Operating expenses for the quarter rose 14.6% on year to 6.67 bln rupees.

The bank's net interest margin was 4.13% in the June quarter, down 6 basis points from 4.19%, both a quarter and a year ago. Its provision coverage ratio rose to 94.91% as of Jun 30, from 94.85% as of Mar 31.

The bank's total business was 1.70 trln rupees as of Jun 30, up 15% on year and 4% on quarter. Of this, total deposits were up 14% on year at 923.49 bln rupees.  End

Reported by Pratiksha

Edited by Rajeev Pai

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2024. All rights reserved.