Karur Vysya Bank has reported a 20 percent rise in net profit at ₹496 crore for the third quarter of this fiscal, compared to ₹412 crore in the same period last year. The growth was driven by higher interest income and non-interest income.
Net interest income increased by 7.79 per cent to ₹1,079 crore compared to ₹1,001 crore in the corresponding quarter last year. Net interest margin stood at 4.03 per cent, down from 4.32 per cent in the same quarter last year. The cost of deposits rose by 41 basis points to 5.66 per cent compared to 5.25 per cent in the previous year. The yield on advances remained unchanged at 10.16 per cent.
Gross non-performing assets (GNPA) improved by 75 basis points to 0.83% of gross advances (₹691 crore) as of December 31, 2024, compared to 1.58 per cent (₹1,152 crore) a year earlier. Net non-performing assets (NNPA) fell below 1 per cent, standing at 0.20 per cent of net advances (₹167 crore) compared to 0.42 per cent (₹305 crore) last year.
Total deposits as of December 31, 2024, stood at ₹99,155 crore, registering a 15.75 per cent year-on-year, up ₹13,490 crore from ₹85,665 crore a year earlier. Total advances amounted to ₹82,838 crore, reflecting a year-on-year growth of 13.96 per cent, up ₹10,146 crore from ₹72,692 crore.
Ramesh Babu B, Managing Director and CEO of Karur Vysya Bank, stated that the bank has delivered another strong quarter, driven by its focus on growth, profitability, and asset quality. The total business crossed ₹1,81,993 crore, and inclusive growth across all business segments contributed to a net profit of ₹1,428 crore for the nine-month period.
The Provision Coverage Ratio (PCR) stood at 96.87 per cent as of December 31, 2024, compared to 94.81 per cent a year earlier..
