Karur Vysya Bank Ltd. (KVB) posted a 28% growth in standalone net profit for the quarter ended June to ₹459 crore from the year earlier period due to inclusive growth from all business segments. Net interest income increased 14% to ₹1,024 crore, while net interest margin contracted by 6% to 4.13%. Total income grew by 15% to ₹1,412 crore, the bank said in a statement.
Gross non-performing assets (GNPA) contracted by 67 basis points to 1.32% of gross advances (₹1,025 crore). Net NPA declined to 0.38% of net advances (₹294 crore) from 0.59%.
The private sector lender reported Capital Adequacy Ratio of 16.47%. Provision Coverage Ratio (PCR) rose to 94.91% from 93.41%.
Total business rose by 15% at ₹1,70,059 crore, of which deposits accounted for ₹92,349 crore and advances of ₹77, 710 crore. RAM sector grew by 20%.
“We have another strong quarter of performance built on guidance of three metrics – growth, profitability and asset quality. The bank’s performance indicators are in line with our guidance and we are seeing consistent and steady growth,” said MD & CEO B. Ramesh Babu.
