Karur Vysya Bank (KVB) reported a 27.9 per cent jump in net profit for the quarter ended June 30, 2024, reaching Rs 458.65 crore, up from Rs 358.63 crore in the same period last year. This marks a slight increase from the Rs 456.1 crore net profit posted in the previous quarter, according to the bank’s filing on July 18.
Ramesh Babu B, Managing Director & Chief Executive Officer, Karur Vysya Bank said, “We have another strong quarter of performance built on our guidance of three metrics – growth, profitability and asset quality. Bank’s performance indicators are in line with our guidance and the bank is seeing consistent and steady growth.”
As of June 30, the bank’s total business stood at Rs 170,059 crore, reflecting a 15.16 per cent YoY growth from Rs 1,47,671 crore in the previous year. Total deposits also saw a rise, reaching Rs 92,349 crore, up 14.41 per cent from Rs 80,715 crore in the same period last year.
The lender’s loan book experienced a 16.06 per cent increase, while the CASA (Current Account Savings Account) ratio climbed 5.62 per cent, standing at 30.37 per cent. However, the net interest margin slightly declined by 6 basis points YoY to 4.13 per cent.
“It is encouraging to note our inclusive growth in RAM verticals, highlighting a strong start to this financial year. And, I am confident that the same will continue rather we will aim for further improvement of the performance in the ensuing quarters,” Ramesh added.
The robust performance underscores KVB’s strategic focus on growth, profitability, and asset quality, setting a positive tone for the remainder of the financial year.
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