Private sector Karur Vysya Bank on Monday reported a 35% year-on-year jump in March quarter net profit at Rs 456 crore against Rs 338 crore in the year ago quarter, backed by healthy earnings growth.
The bank’s net interest income for the quarter improved by 11.5% to Rs 996 crore while other income was 57% higher at Rs 629 crore.
The net interest margin for the quarter however was at 4.19%, down 18 basis points from 4.37% a year ago.
Operating profit grew 17% at Rs 867 crore as compared with Rs 739 crore in the same period last year.
Operating expenses were 37% higher at Rs 757 crore as compared with Rs 554 crore.
“The bank continues its strong growth momentum, consistency in asset quality and profitability. Credit cost for FY24 was at a new low at 65 basis points. We are now on the path to sustained growth momentum with various enablers in place,” managing director Ramesh Babu B said.
The bank proposed a dividend of Rs. 2.40 per equity share of face value Rs 2 each for FY24.
Its total business (advances plus deposits) stood at Rs 1.64 lakh crore, registering a 16% year-on-year growth.
Gross non-performing assets ratio to 1.40% at the end of March against 2.27% a year back. Net NPA was at 0.40% against 0.74% while provision coverage ratio was at 94.85% at the end of March.
