Karur Vysya Bank profit increases

Karur Vysya Bank's net profit for the first half of this fiscal has increased to Rs. 35.70 crores from Rs. 34.24 crores in the corresponding period of the last fiscal.

Announcing the financial results for the half-year ending September 30, Mr. A.D. Navaneethan, Chairman, KVB, said that the amount was arrived at after making the required provisions for non-performing assets, depreciation on investments, pension, gratuity and taxes.

Total income has increased to Rs. 264.51 crores, registering a growth of 8.5 per cent over that obtained in the corresponding period last year. The operating profit has risen to Rs. 62.87 crores from Rs. 55.80 crores in the comparable period of the previous year.

Total deposits have risen to Rs. 3,513.96 crores, registering a growth of 11.2 per cent over the same period of the last fiscal, Mr. Navaneethan noted. Advances stood at Rs. 1,863.04 crores in September. The bank was aiming at a deposit position of Rs. 4,000 crores and advances level of Rs. 2,600 crores by the end of FY 2002.

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