Karur Vysya Bank, a leading financial institution, announced their financial results for the quarter and nine months ending on December 31, 2023. The bank marked a historic achievement by surpassing a total asset milestone of ₹1 Trillion (₹1,00,000 crore).
As of December 31, 2023, the bank’s balance sheet size reached ₹1,02,868 crore, reflecting a significant growth of 15.56% from ₹89,013 crore in the previous year. The total business for the same period stood at ₹1,58,357 crore, indicating a year-on-year growth of 14.74%. Notably, total deposits and advances exhibited substantial growth, reaching ₹85,665 crore (12.82% YoY) and ₹72,692 crore (17.09% YoY), respectively.
For the nine months ending December 2023, Karur Vysya Bank reported a commendable net profit growth of 49.61%, reaching ₹1,149 crore. The pre-provision operating profit (PPOP) increased by 12.95%, amounting to ₹1,962 crore. The net interest income saw a notable rise of 14.54% to ₹2,813 crore, with a net interest margin of 4.20%. However, the cost of deposits increased by 98 basis points, standing at 5.13%.
The bank’s capital adequacy, as per Basel III guidelines, was reported at 15.39%, exceeding the regulatory requirement of 11.50%. The gross non-performing assets (GNPA) improved to 1.58% of gross advances, and the net non-performing assets (NNPA) remained below 1%, standing at 0.42% of net advances.
The bank’s distribution network expanded, reaching 831 branches and 2,251 ATMs/Cash Recyclers as of December 31, 2023. The quarter also exhibited strong financial performance, with a 42.56% growth in net profit at ₹412 crore. The PPOP for the quarter was ₹676 crore, while net interest income increased by 12.60% to ₹1,001 crore.
Ramesh Babu B, Managing Director & CEO, The Karur Vysya Bank said, “We have been able to continue to demonstrate our consistent performance in terms of Growth, Profitability and Asset Quality for the third quarter ended 31st December 2023. Our total business crossed ₹ 1,58,357 cr . The inclusive growth from all the business segments has helped us to reach net profit of ₹ 1,149 cr for the nine months period and ₹412 cr for the quarter.
Besides numbers, the qualitative changes that we have brought in gives us the confidence of sustained improvement in our performance in the days to come.
We are always mindful of the trust, faith and confidence that our customers and our investors have reposed on us. The momentum would be carried for the exit quarter of this fiscal.”
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