Q1 FY24: Karur Vysya Bank announces financial results

by Psu Connect
Date: 17-07-23

Total business as on 30 th June 2023 stands at Rs 1,47,671 crore, registering a Y-o-Y growth of 13.72% i.e. up by Rs 17,820 crore from Rs 1,29,851 crore as on 30.06.2022.

Q1 FY24: Karur Vysya Bank announces financial results

New Delhi: Karur Vysya Bank (‘the Bank’) announced its financial results for the Quarter that ended June 30, 2023 today. The Bank continues its healthy performance in terms of business growth, profitability as well as asset quality.

BALANCE SHEET:

Balance sheet size as of June 30, 2023 was Rs 94,607 crore as against Rs 83,847 crore as of June 30, 2022, a growth of 12.83%.
Total business as on 30 th June 2023 stands at Rs 1,47,671 crore, registering a Y-o-Y growth of 13.72% i.e. up by Rs 17,820 crore from Rs 1,29,851 crore as on 30.06.2022.
Total deposits as on 30 th June 2023 stands at Rs 80,715 crore, registering a Y-o-Y growth of 13.75% i.e. up by Rs 9,754 crore from Rs 70,961 crore as on 30.06.2022.
Total advances as on 30 th June 2023 stands at Rs 68,638 crore before write off, registering a Y-o-Y growth of 16.55% i.e. up by Rs 9,748 crore from Rs 58,890 crore as on 30.06.2022.

FINANCIAL PERFORMANCE – FOR THE QUARTER JUNE 2023 vs. JUNE 2022:

Net profit for the quarter registered a robust growth of 56.77% and stood at Rs 359 crore from Rs 229 crore during corresponding quarter of previous year.

PPOP for the quarter increased by 36.42% is at Rs 648 crore, as compared to Rs 475 crore for corresponding quarter of the previous year.

Net interest income increased by 20.24% to Rs 897 crore vis-à-vis Rs 746 crore for corresponding quarter of previous year.

Net interest margin stands at 4.19% up by 34 bps as compared to 3.85% for the corresponding quarter of the previous year.

Cost of deposits has increased by 86 bps and stands at 4.96 % as compared to 4.10% for the corresponding quarter of previous year.

Yield on advances grew to 9.69% by 134 bps as compared to 8.35% for the corresponding quarter of the previous year.

Commission and fee based income has improved by 9.63% on Y-o-Y basis to Rs 205 crore from Rs 187 crore for corresponding quarter of the previous year.

Operating expenses for the quarter was Rs 581 crore as compared to Rs 470 crore during the corresponding quarter of previous year.
Cost to income ratio stands at 47.29% (49.68% for Q1 of previous year).

CAPITAL ADEQUACY:

Capital Adequacy Ratio (CRAR) as per Basel III guidelines was at 17.67% as on June 30, 2023 (18.95% as on June 30, 2022) as against a regulatory requirement of 11.50%.

Tier 1 was at 15.96% as of June 30, 2023 compared to 17.02% as of June 30, 2022. Risk-weighted Assets were at Rs 51,643 crore as on June 30, 2023 (Rs 42,884 crore as at June 30, 2022).

ASSET QUALITY:

Gross non-performing assets (GNPA) has improved by 329 bps and stands at 1.99% of gross advances as on June 30, 2023 (Rs 1,330 crore) and 5.28% as on June 30, 2022 (Rs 3,107 crore).

Net non-performing assets (NNPA) is below 1% and stands at 0.59% of net advances as on June 30, 2023 (Rs 390 crore), 1.93% as on June 30, 2022 (Rs 1,098 crore).

Provision Coverage Ratio (PCR) was at 93.41% as at June 30, 2023, as against 82.74% as at June 30, 2022.

NETWORK:

As of June 30, 2023, the Bank’s distribution network stands at 808 branches and 1 Digital Banking Unit and 2,240 ATMs / Cash Recyclers as against 789 branches and 2,237 ATMs / Cash Recyclers as of June 30, 2022. 55% of our branches are in semi-urban and rural areas. In addition, we have 150 business correspondents.

RBI has approved the reappointment of MD&CEO for a further period of three years.