Karur Vysya Bank Q3 net up 43% on all-round growth
The Hindu
Karur Vysya Bank's Q3 net profit grows by 43% to ₹412 crore, with increased net interest income and improved asset quality.
Karur Vysya Bank Ltd (KVB) standalone net profit for the quarter ended December registered 43% growth at ₹412 crore over the year-ago period due to inclusive growth from all the business segments.
Net interest income increased by 13% to ₹1,001 crore and net interest margin slid to 4.32% from 4.36%. Cost of deposits increased by 99 bps and stood at 5.25%, said the private sector lender in a statement.
Gross non-performing assets (GNPA) improved by 112 bps and stood at 1.58% of gross advances (₹1,152 crore), while net NPA was 0.42% of net advances ₹305 crore against ₹550 crore.
Provision Coverage Ratio rose to 94.81% from 90.87%. The bank had a capital adequacy ratio of 15.39% (17.62%).
Total business increased by 15% to ₹1,58,357 crore, of which total deposits accounted for ₹85,665 crore, a Y-o-Y growth of 13%.
“The inclusive growth from all the business segments has helped us to reach net profit of ₹1,149 crore for the nine months period and ₹412 crore for the quarter,” said MD & CEO Ramesh Babu B.
“Besides numbers, the qualitative changes that we have brought in gives us the confidence of sustained improvement in our performance in the days to come. The momentum would be carried for the exit quarter of this fiscal,” he said.
Rupee hits record low against dollar due to strong American currency, foreign fund outflows, and rising oil prices.
H Lakshmanan, former Executive Director of Sundaram-Clayton in the TVS family, passed away at 92.
Vodafone sells stake in Indus Towers for ₹2,800 crore, uses proceeds to clear lenders dues and increase Vi shareholding.
SpiceJet to unground 10 more aircraft by mid April after raising funds, growing active fleet size to 28.
UN report projects Indian economy to grow by 6.6% in 2025, driven by private consumption and investment, with strong export growth.
Supreme Court halts ₹1 lakh crore GST notices to online gaming companies and casinos for alleged tax evasion.
Punjab Government rejects Centre's draft policy on agricultural marketing, citing concerns over private markets and MSP procurement.
CEAMA urges tariff reductions, PLI scheme expansion, and tax rationalization to boost Indian electronics industry competitiveness.
Sensex and Nifty rebounded but fell due to foreign fund outflows, with TCS leading gainers and FIIs selling off equities.
Adani Group to raise ₹7,148 crore by selling stake in Adani Wilmar, focusing on infrastructure business growth.
India's GDP growth rate decline, official estimates questioned, and economic slowdown analysis by experts and academics.