![Karur Vysya Bank announces Q4 Results: Registers 45% Growth in Net Profit](https://www.psuconnect.in/sdsdsd/Mr_B_Ramesh_Babu_MD_and_CEO_KVB.jpg)
Highlights:
Total Business up by 16.1% YOY and 3.3% QOQ.
Deposits up by 16.3% YOY and 4.0% QOQ.
Loan Book grew at 16% YOY
CASA grew 6.4% YOY, CASA ratio stood at 30.4%.
PPOP up by 14.3% YOY, 17.3% QOQ.
NIM at 4.19%, up by 1 bps YOY and 4.19% for the quarter;
Other Income up by 56.9% QOQ and 43.1% YOY.
Cost to Income Ratio for the quarter it is 46.6% and stood at 48.3% YTD.
ROA at 1.76% for the quarter and 1.63% YTD.
ROE at 18.17% for the quarter and 15.98% YTD.
GNPA at 1.40%, NNPA at 0.40%.
Capital adequacy ratio (CRAR) stood at 16.67% with CET 1 ratio of 15.46%.
Mr. Ramesh Babu B, Managing Director & CEO, The Karur Vysya Bank said, “The Bank continues its strong growth momentum, consistency in Asset quality and profitability. Credit cost for FY24 was at a new low at 65 bps. We are now on the path to sustained growth momentum with various enablers in place.”
We have performed consistently to deliver highest ever annual Net profit of Rs 1,605cr for the FY 23-24. 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 in higher ROA, currently at 1.63% for the year and 1.76% for the quarter.
Karur Vysya Bank (‘the Bank’) announced its financial results for the Quarter / Year ended March 31, 2024 today. The Bank continues its healthy performance in terms of profitability as well as asset quality.
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Balance sheet size as of March 31, 2024 was Rs 105,585 crore as against Rs 90,179 crore as of March 31, 2023, a growth of 17.1%.
Total business as on 31st March 2024 stands at Rs 1,63,536 crore, registering a Y-o-Y growth of 16.1% i.e. up by Rs 22,730 crore from Rs 1,40,806 crore as on 31.03.2023.
FINANCIAL PERFORMANCE – FOR THE YEAR (12 MONTHS):
Net profit for the period registered a robust growth of 45.1% and stood at Rs 1,605 crore from Rs 1,106 crore during corresponding period of previous year.
PPOP for the period increased by 14.3% is at Rs 2,829 crore, as compared to Rs 2,476 crore for corresponding period of the previous year.
Net interest income increased by 13.7% to Rs 3,809 crore vis-à-vis Rs 3,349 crore for corresponding period of FY 2023.
Net interest margin stands at 4.19% up by 1 bps as compared to 4.18% during the corresponding period of the previous year.
Cost of deposits has improved by 92 bps and stands at 5.19% as compared to 4.27% during the corresponding period of previous year.
Yield on advances grew to 9.93% by 100 bps as compared to 8.93% during the corresponding period of the previous year.
Commission and fee based income has improved by 16.2% on Y-o-Y basis to Rs 868 crore from Rs 747 crore for corresponding period of the previous year.
Operating expenses for the period was Rs 2,639 crore as compared to ? 2,032 crore during the corresponding period of FY 2023.
CAPITAL ADEQUACY:
Capital Adequacy Ratio (CRAR) as per Basel III guidelines was at 16.67% as on March 31, 2024 (18.56% as on March 31, 2023) as against a regulatory requirement of 11.50%. Tier 1 was at 15.46% as of March 31, 2024 compared to 16.79% as of March 31, 2023. Risk-weighted Assets were at Rs 61,125 crore as on March, 31, 2024 (Rs 49,084 crore as at March 31, 2023).
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Gross non-performing assets (GNPA) has improved by 87 bps and stands at 1.40% of gross advances as on March 31, 2024 (Rs 1,042 crore) and 2.27% as on March 31, 2023 (Rs 1,458 crore).
Net non-performing assets (NNPA) is below 1% and stands at 0.40% of net advances as on March 31, 2024 (Rs 298 crore), 0.74% as on March 31, 2023 (Rs 468 crore).
Provision Coverage Ratio (PCR) was at 94.85% as at March 31, 2024, as against 92.14% as at March 31, 2023.
NETWORK:
As of March 31, 2024, the Bank’s distribution network stands at 838 branches and 2,262 ATMs / Cash Recyclers as against 799 branches and 2,240 ATMs / Cash Recyclers as of March 31, 2023. 55% of our branches are in semi-urban and rural areas. In addition, we have 156 business correspondents.
Q4 FY 2024 vs. Q4 FY 2023:
Net profit for the quarter grew by 34.9% and stood at Rs 456 crore from Rs 338 crore during Q4 of previous year.
Operating profit for the quarter has grown by 17.3% and stood at Rs 867 crore as compared to Rs 739 crore for Q4 of previous year.
Net interest income for the quarter improved by 11.5% and stood at Rs 996 crore for the current quarter vis-à-vis Rs 893 crore for Q4 of previous year.
Net interest margin stands at 4.19% down 18 bps from 4.37% a year ago.
Cost of deposits has increased by 75 bps and stands at 5.36% as compared to 4.61% during the previous year.
Yield on advances is at 10.08% (9.55% for Q4 of previous year).
Non-interest income for the quarter is Rs 629 crore as compared to Rs 401 crore a year ago.
Fee based income has improved by Rs 39 crore and stood at Rs 241 crore from Rs 202 crore during the previous year.
Operating expenses for the quarter was Rs 757 crore as compared to Rs 554 crore during Q4 of previous year.
Cost to income ratio stands at 46.63% (42.86% for Q4 of previous year).
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