Karur Vysya Bank Q2 net profit jumps 44%
The Hindu
Karur Vysya Bank reported standalone net profit for the second quarter ended September 30, rose 43.5% to ₹165.45 crore from the year-earlier period on improved credit offtake in the retail and busine
Karur Vysya Bank reported standalone net profit for the second quarter ended September 30, rose 43.5% to ₹165.45 crore from the year-earlier period on improved credit offtake in the retail and business segments. Net interest income improved 13.1% to ₹680 crore, net interest margin stood at 3.75%, and fee-based income (excluding treasury profit) rose to ₹144 crore from ₹119 crore, the private sector lender said.
Gross NPA declined by 55 bps to 7.38% (₹3,972 crore) and net NPA rose to ₹1,538 crore from ₹1,428 crore. Provision Coverage Ratio stood at 76.28% (75.19%).
Total business rose 7% to ₹1,19,260 crore. Improved credit off take in retail and business segment as well as jewel loan portfolio, backed by digital processing and improved sourcing of loans through various channels, aided the credit growth, the bank said.
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