New Delhi, 14th May-2024: Karur Vysya Bank’s (KVB) standalone net profit for the quarter ended March rose 35% YoY to ₹456 crore on account of higher interest income and better asset quality. Interest income grew to ₹2,185 crore from ₹1,768 crore. Net interest income improved by 12% to ₹996 crore, while net interest margin declined to 4.19% from 4.37%, the private sector lender said in a statement. Non-interest income stood at ₹629 crore against ₹401 crore. Fee-based income improved by ₹39 crore to ₹241 crore.

Gross non-performing assets declined by 87 bps and stood at 1.40%, while net non-performing assets declined by 34 bps to 0.40%. Provision coverage ratio (PCR) was 94.85% (92.14%). Capital Adequacy Ratio stood at 16.67% against 18.56%. Total business was up by 16% to ₹1.64 lakh crore, of which deposits and loan books grew by 16% each. Current account savings account rose 6% and its ratio stood at 30%. The board declared a dividend of ₹2.40 per share.

“We are now on the path to sustained growth momentum with various enablers in place. Credit cost has improved on the back of continued strong asset quality, with GNPA and NNPA at 1.40% and 0.40% respectively. Broad-based business growth coupled with core revenue profile has yielded a higher return on assets at 1.76% for the quarter,” said MD & CEO B. Ramesh Babu.