Karur Vysya Bank Q2 FY23-24; Total business crossed Rs 1.5 Trillion

Highlights:

• Total Business up by 14.15% YOY and 3.96% for the quarter.
• Deposits up by 13.17% YOY and 2.92% for the quarter.
• Loan Book grew at 15.33% YOY and 5.21% for the quarter.
• CASA up by 3.40% YOY, CASA ratio stood at 32.26%.
• Net Profit up by 53.86% YOY.
• NIM at 4.13%, up by 15 bps YOY.
• Other Income up by 52.38% YOY.
• ROA at 1.57% for the quarter.
• ROE at 16.50% for the quarter.
• GNPA at 1.73%, NNPA at 0.47%.
• PCR at 94.49%.
• Capital adequacy ratio (CRAR) stood at 16.84% with CET 1 ratio of 15.19%.

Read Also : GAIL organized 'Kanthasth 2.0' Hindi workshop

New Delhi: Karur Vysya Bank announced its financial results for the Quarter / half year ended September 30, 2023 today. The Bank continues its healthy performance in terms of business growth, profitability as well as asset quality.

The Bank had crossed the historical milestone of the total business of Rs 1.5 Trillion ( Rs 1,50,000 cr).

Karur Vysya Bank Financial Performance - H1 FY 2024:

Net profit for the half year registered a robust growth of 53.86% and stood at Rs 737 crore from Rs 479 crore during the corresponding half year of the previous year.

PPOP for the half year increased by 22.71% is at Rs 1,286 crore, as compared to Rs 1,048 crore for the corresponding half year of the previous year.

Net interest income increased by 15.63% to Rs 1,812 crore vis-à-vis Rs 1,567 crore for the corresponding half year of the previous year.

Net interest margin stands at 4.13% up by 15 bps as compared to 3.98% for the corresponding half year of the previous year.

Cost of deposits has increased by 97 bps and stands at 5.07 % as compared to 4.10% for the corresponding half year of the previous year.

Yield on advances grew to 9.73% by 123 bps as compared to 8.50% for the corresponding half year of the previous year.

Commission and fee based income has improved by 11.08% on Y-o-Y basis to Rs 401 crore from Rs 361 crore for corresponding half year of the previous year.

Operating expenses for the quarter was Rs 1,198 crore as compared to Rs 960 crore during the corresponding half year of the previous year.

Cost to income ratio stands at 48.23% (47.82% for H1 of previous year).

Read Also : Kotak Mahindra Bank Standalone PAT for FY24 Rs 13,782 crore, up 26% YoY

Mr. Ramesh Babu B, Managing Director & CEO of Karur Vysya Bank said, “I am pleased to mention that our Bank had crossed historical milestone of total business of Rs 1.5 Trillion during the last quarter reached a level of Rs 1,53,516 cr. You would appreciate that we had crossed Rs 1.25 Trillion in Mar 2022 and next Rs 0.25 Trillion has been crossed with in a short span of 18 months.

The bank have delivered yet another quarter of strong top line and bottom line performance with highest ever quarterly net profit with consistent performance in terms of Growth, Profitability and Asset Quality for the first half year ended 30th September 2023. It is a strong and consistent H1 performance reaching significant milestone and building a solid foundation for the future”.

We have been constantly raising the bar on strengthening our digital capabilities and building on our robust pipeline of products and services, while keeping customer centricity at the core of every initiative”.

Read Also : IDBI Bank Limited Financial Results for Q4 FY 2024, reports 55% rise in profits on YoY basis