Karur Vysya Bank announces Financial Results for quarter and nine months ended Dec 2023
Net profit for the nine months registered a robust growth of 49.61% and stood at Rs 1,149 crore from Rs 768 crore during corresponding nine months of the previous year.
![Karur Vysya Bank announces Financial Results for quarter and nine months ended Dec 2023](https://www.psuconnect.in/sdsdsd/Ramesh_Babu_B_Managing_Director_and_CEO_Karur_Vysya_Bank.jpg)
Ramesh Babu B, Managing Director & CEO, The Karur Vysya Bank
Highlights:
- The Bank had crossed historical milestone of total assets of Rs 1 Trillion (Rs 1,00,000 cr)
- Total Business up by 14.74% YOY and 3.15% for the quarter.
- Deposits up by 12.82% YOY and 3.12% for the quarter.
- Loan Book grew at 17.09% YOY and 3.19% for the quarter.
- CASA up by 4.70% YOY, CASA ratio stood at 31.53%.
- Net Profit up by 49.60% YOY.
- NIM at 4.20%, up by 9 bps YOY.
- Other Income up by 35.88% YOY.
- ROA at 1.65% for the quarter.
- ROE at 17.20% for the quarter.
- GNPA at 1.58%, NNPA at 0.42%.
- PCR at 94.81%.
- Capital adequacy ratio (CRAR) stood at 15.39% with CET 1 ratio of 13.87%.
Mr. Ramesh Babu B, Managing Director & CEO, The Karur Vysya Bank said, “We have been able to continue to demonstrate our consistent performance in terms of Growth, Profitability and Asset Quality for the third quarter ended 31st December 2023. Our total business crossed Rs 1,58,357 cr . The inclusive growth from all the business segments has helped us to reach net profit of Rs 1,149 cr for the nine months period and Rs 412 cr for the quarter.
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.
We are always mindful of the trust, faith and confidence that our customers and our investors have reposed on us. The momentum would be carried for the exit quarter of this fiscal. Karur Vysya Bank (‘the Bank’) announced its financial results for the Quarter / Nine months ended December 31, 2023 today. The Bank continues its healthy performance in terms of business growth, profitability as well as asset quality.
Read Also : R.K. Chaudhary, CMD, NHPC met Chowna Mein, Hon’ble Dy. CM, Arunachal PradeshBALANCE SHEET:
Balance sheet size as of December 31, 2023 was Rs 1,02,868 crore as against Rs 89,013 crore as of December 31, 2022, a growth of 15.56%.
Total business as on 31st December 2023 stands at Rs 1,58,357crore, registering a Y-o-Y growth of 14.74% i.e. up by Rs 20,344 crore from Rs 1,38,013 crore as on 31.12.2022.
Total deposits as on 31st December 2023 stands at Rs 85,665 crore, registering a Y-o-Y growth of 12.82% i.e. up by Rs 9,733 crore from Rs 75,932 crore as on 31.12.2022.
Total advances as on 31st December 2023 stands at Rs 72,692 crore, registering a Y-o-Y growth of 17.09% i.e. up by Rs 10,611 crore from Rs 62,081 crore as on 31.12.2022.
FINANCIAL PERFORMANCE – 9M FY 2024:
Net profit for the nine months registered a robust growth of 49.61% and stood at Rs 1,149 crore from Rs 768 crore during corresponding nine months of the previous year.
PPOP for the nine months increased by 12.95% is at Rs 1,962 crore, as compared to Rs 1,737 crore for corresponding nine months of the previous year.
Net interest income increased by 14.54% to Rs 2,813 crore vis-à-vis Rs 2,456 crore for corresponding nine months of the previous year.
Net interest margin stands at 4.20% up by 9 bps as compared to 4.11% for the corresponding nine months of the previous year.
Cost of deposits has increased by 98 bps and stands at 5.13% as compared to 4.15% for the corresponding nine months of the previous year.
Yield on advances grew to 9.88% by 116 bps as compared to 8.72% for the corresponding nine months of the previous year.
Commission and fee based income has improved by 14.84% on Y-o-Y basis to Rs 627 crore from Rs 545 crore for corresponding nine months of the previous year.
Operating expenses for the nine months was Rs 1,881 crore as compared to Rs 1,477 crore during the corresponding nine months of the previous year.
Cost to income ratio stands at 48.95% (45.97% for 9M of previous year).
Read Also : State Coal Minister inaugurates new solar plant at CCL’s Piparwar AreaCAPITAL ADEQUACY:
Capital Adequacy Ratio (CRAR) as per Basel III guidelines was at 15.39% as on December 31, 2023 (17.62% as on December 31, 2022) as against a regulatory requirement of 11.50%. Tier 1 was at 13.87% as of December 31, 2023 compared to 15.79% as of December 31, 2022.
Risk-weighted Assets were at Rs 59,531 crore as on December 31, 2023 (Rs 46,243 crore as at December 31, 2022).
ASSET QUALITY:
Gross non-performing assets (GNPA) has improved by 112 bps and stands at 1.58% of gross advances as on December 31, 2023 (Rs 1,152 crore) vis a vis 2.70% as on December 31, 2022 (Rs 1,674 crore).
Net non-performing assets (NNPA) is below 1% and stands at 0.42% of net advances as on December 31, 2023 (Rs 305 crore), against 0.90% as on December 31, 2022 (Rs 550 crore).
Provision Coverage Ratio (PCR) was at 94.81% as at December 31, 2023, as against 90.87% as at December 31, 2022.
NETWORK:
As of December 31, 2023, the Bank’s distribution network stands at 831 branches and 1 Digital Banking Unit and 2,251 ATMs / Cash Recyclers as against 792 branches and 2,233 ATMs / Cash Recyclers as of December 31, 2022. 56% of our branches are in semi-urban and rural areas. In addition, we have 150 business correspondents.
FINANCIAL PERFORMANCE – Q3 FY 2024 vs. Q3 FY2023:
Net profit for the quarter registered a robust growth of 42.56% and stood at Rs 412 crore from Rs 289 crore during corresponding quarter of previous year.
PPOP for the quarter marginally came down by 1.89% is at Rs 676 crore, as compared to Rs 689 crore for corresponding quarter of the previous year.
Net interest income increased by 12.60% to Rs 1,001 crore vis-à-vis Rs 889 crore for corresponding quarter of previous year.
Net interest margin stands at 4.32% as compared to 4.36 % for the corresponding quarter of the previous year.
Cost of deposits has increased by 99 bps and stands at 5.25% as compared to 4.26% for the corresponding quarter of previous year.
Yield on advances grew by 102 bps to 10.16% as compared to 9.14% for the corresponding quarter of the previous year.
Commission and fee based income has improved by 22.16% on Y-o-Y basis to Rs 226 crore from Rs 185 crore for corresponding quarter of the previous year.
Operating expenses for the quarter was Rs 683 crore as compared to Rs 518 crore during the corresponding quarter of previous year.
Cost to income ratio stands at 50.27% (42.90% for Q3 of previous year).
Read Also : WAPCOS CMD met Safarzoda Manuchehr Bakhodur Hon’ble Deputy Minister of Energy and Water ResourcesNews Must Read
- Petroleum Minister Hardeep S Puri Highlights India’s Bioenergy Progress
- NBCC bags orders worth Rs. 182.50 Crore
- OMCs increases price of 19 kg commercial LPG cylinder by Rs 39
- HUDCO Issues Record Date For Dividend, Shares Rise 118% YTD
- NTPC Bongaigaon to Support TB Eradication Efforts; Partners with District Administration, Kokrajhar
- Solar Energy Corporation of India Ltd (SECI) attains Navratna Status
- Dr D K Sunil Takes Over as CMD (Additional Charge) of HAL
- DVC bags Champions Trophy for Corporate Sustainability at XLRI, Jamshedpur
- Minister Pralhad Joshi Visits IREDA Office, Reviews Company’s Strategic Growth Plan
- HAL Selects SAFHAL Helicopter Engines to Develop and Produce ‘Aravalli’ Engines