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ICICI Securities research report on Karur Vysya Bank
Despite 18bps QoQ NIM decline (though in-line) and Rs250mn of floating provisions, Karur Vysya Bank (KVB) reported strong Q1FY24 PAT at Rs3.5bn (8% beat) driven by healthy ‘other income’ and ~45% QoQ drop in provisions led by continued strong asset quality. We like KVB for 1) one of the lowest cost of deposits among peers, 2) balanced loan book and broad-based growth, 3) amongst lowest SMA 1+2 book across peers at 20% PCR on RSA and 100% PCR on SR, while it…
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