Karur Vysya Bank has announced its financial results for the quarter ended December 31, 2022. According to the bank’s financial report, the Q3 net profit has registered a significant growth of 20.39% at Rs 496 crore, compared to the same quarter last year. This impressive growth is a testament to the bank’s efforts to improve its performance and build upon its strengths.
The bank’s total income for the quarter has increased by 14.54% to Rs 2,444 crore, from Rs 2,134 crore in the same quarter last year. This growth is attributed to a 15.48% increase in net interest income to Rs 1,593 crore and a 12.32% rise in operating profit to Rs 621 crore.
Karur Vysya Bank’s net interest margin (NIM) has improved to 3.32%, up from 3.23% in the same quarter last year, indicating the bank’s ability to generate profits from its lending activities. The bank’s asset quality has also shown improvement, with gross non-performing assets (NPA) ratio decreasing to 6.31% from 7.12% in the same quarter last year.
The bank’s capital adequacy ratio (CAR) stands at 14.97%, well above the regulatory requirement of 10.25%. The bank’s profitability has been driven by a combination of factors, including its strong loan growth, improvement in NIM, and effective cost management.
In terms of growth, the bank’s advances increased by 12.89% to Rs 62,351 crore, while its deposits grew by 14.63% to Rs 64,935 crore. The bank’s fee income has also seen a significant increase of 25.64% to Rs 131 crore, driven by higher earnings from its services and fees.
Overall, Karur Vysya Bank’s Q3 financial performance is impressive, reflecting the bank’s commitment to sustainability, growth, and profitability. The bank’s strong financials, robust asset quality, and effective cost management position it well to continue delivering value to its stakeholders in the long term.