Karur Vysya Bank posts 52% growth in Q2 net to ₹250 cr.

Net interest income grew 21% to ₹821 crore while net interest margin improved to 4.07% from 3.74%

October 21, 2022 06:33 pm | Updated 06:33 pm IST - CHENNAI

Gross NPAs declined by 341 bps to 3.97% (₹2,457 crore) compared with 7.38% (₹3,972 crore) while net NPAs slid to 1.36% (₹819 crore) from 2.99% (₹1,538 crore). Provision coverage ratio improved to 86.94 (76.28%), KVB said.

Karur Vysya Bank Ltd.’s (KVB) standalone second-quarter net profit rose 52% to ₹250 crore on account of higher net interest margin and a reduction in non-performing assets (NPAs).

Net interest income grew 21% to ₹821 crore while net interest margin improved to 4.07% from 3.74%. Non-interest income stood at ₹242 crore against ₹165 crore, the private sector lender said.

Total business rose 14% to ₹1,35,460 crore. Deposits grew 13% to ₹73,614 crore while advances rose 15% to ₹61,846 crore. Basel III capital adequacy ratio stood at 18.31%.

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