Karur Vysya Bank Q4 Profit Rises 35% to Rs 456 cr
May 13, 2024 19:35
Karur Vysya Bank reported a 35% increase in net profit to Rs 456 crore in the March quarter, driven by strong growth in interest income and improved asset quality. Read more.
New Delhi, May 13 (PTI) 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 crore, as compared to Rs 1,106 crore a year earlier.
Total income of the bank increased to Rs 9,863 crore in FY24 as against Rs 7,675 crore in FY23.
The board has recommended a dividend of Rs 1.20 per equity share of face value Rs 2 each fully paid-up for 2023-24 subject to approval at the ensuing Annual General Meeting.
However, capital adequacy ratio of the bank declined to 16.67 per cent as compared to 18.56 per cent as on March 31, 2023.
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