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Informist, Monday, Jan. 20, 2025

 

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--Karur Vysya Bank Oct-Dec net profit INR 4.96 bln 
--Analysts saw Karur Vysya Bank Oct-Dec net profit INR 4.53 bln 
--Karur Vysya Bank Oct-Dec net profit INR 4.96 bln vs INR 4.12 bln year ago 
--Karur Vysya Bk Oct-Dec total income INR 29.53 bln vs INR 24.97 bln yr ago 
--Karur Vysya Bank Oct-Dec provisions INR 1.47 bln vs INR 1.50 bln year ago 
--Karur Vysya Bank gross NPA ratio 0.83% as on Dec 31 vs 1.10% qtr ago 
--Karur Vysya Bank net NPA ratio 0.20% as on Dec. 31 vs 0.28% quarter ago 
--Karur Vysya Bank Apr-Dec net profit INR 14.28 bln vs INR 11.49 bln yr ago 
--Karur Vysya Bank Basel III capital adequacy ratio 15.91% as on Dec 31 
--Karur Vysya Bk Apr-Dec total income INR 84.82 bln vs INR 70.49 bln yr ago 
--Karur Vysya Bank provision coverage ratio 96.87% as on Dec 31 
 

 

By Kabir Sharma

 

MUMBAI – Steady growth in advances and jump in other income helped lift Karur Vysya Bank's net profit for the quarter ended December. At INR 4.96 billion, the bank's bottom line for Oct-Dec was up 20.5% on year, beating analysts' estimate of INR 4.53 billion.

 

Shares of Karur Vysya Bank ended 3.0% higher on Monday at INR 224.67 on the National Stock Exchange.

 

In Oct-Dec, the lender's other income rose 30.4% on year to INR 4.67 billion, while net interest income was up a more sedate 7.8% at INR 10.79 billion on the back of a 14.0% increase in gross advances to INR 828.38 billion. Total income of the bank rose 18.3% on year to INR 29.53 billion in Oct-Dec.

 

On the expenditure side, the Tamil Nadu-based bank's provisions and contingencies were down 1.5% on year at INR 1.47 billion in Oct-Dec, with the provision coverage ratio improving to 96.87% as at the end of December. Slippages in the reporting quarter stood at INR 1.39 billion, down from INR 1.97 billion a year ago, while recoveries and upgradations were lower at INR 910 million versus INR 1.13 billion last year. Technical write-offs, meanwhile, were INR 2.42 billion, up from INR 1.51 billion in the third quarter of 2023-24 (Apr-Mar).

 

In terms of ratios, the lender showed an improvement in asset quality, with the gross non-performing assets ratio declining to 0.83% as on Dec. 31 from 1.10% a quarter ago, while the net bad loan ratio eased by 8 basis points over the same period to 0.20%. The Basel-III capital adequacy ratio was 15.91% at the end of December.

 

On the liability side, total deposits of the bank were up 15.7% on year as of Dec. 31 at INR 991.55 billion, although the current account, savings account ratio fell to 28.41% from 31.53% year ago.

 

Karur Vysya Bank's net interest margin continued its downward trend, falling to 4.03% in Oct-Dec from 4.11% in the September quarter and 4.32% in the year-ago period. For nine months ended December, the bank's net profit was up 24.3% at INR 14.28 billion, while total income was 20.3% higher at INR 84.82 billion.  End

 

Edited by Akul Nishant Akhoury

 

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