Karur Vysya Bank announced its Q2 results today

Highlights:

• Total Business up by 14.74% YOY and 3.57% for the quarter.
• Deposits up by 15.37% YOY and 3.78% for the quarter.
• Loan Book grew at 13.98% YOY and 3.33% for the quarter.
• CASA up by 5.37% YOY, CASA ratio stood at 29.46%.
• PPOP up by 21.46% YOY NIM at 4.12%, down by 1 bps YOY.
• Other Income up by 28% YOY.
• Cost to Income Ratio for the HY is at 46.95%.
• ROA at 1.72% for the quarter. ROE at 17.36% for the quarter.
• GNPA at 1.10%, NNPA at 0.28%.
• Capital adequacy ratio (CRAR) stood at 16.28% with CET 1 ratio of 15.39%.

Mr. Ramesh Babu B, Managing Director & CEO, The Karur Vysya Bank said, We have achieved another strong quarter of performance, guided by our three key metrics: growth, profitability, and asset quality. The bank’s performance indicators align with our guidance, demonstrating consistent and steady growth. It’s encouraging to see inclusive growth in our RAM (Retail, Agriculture, and MSME) verticals, continuing the strong start we made last quarter. I am confident that the same will be maintained in the ensuing quarters. Our total business crossed Rs 1,76,138 cr. The inclusive growth from all the business segments has supported for reaching net profit of Rs 932 cr for the half year.

Karur Vysya Bank (‘the Bank’) announced its financial results for the Quarter/half year ended September 30, 2024 today. The Bank continues its healthy performance in terms of business growth, profitability as well as asset quality.

BALANCE SHEET:

• Balance sheet size as of September 30, 2024 was Rs 112,573 crore as against Rs 98,434 crore as of September 30, 2023, a growth of 14.36%.
• Total business as on 30 th September 2024 stands at Rs 1,76,138 crore, registering a Y-o-Y growth of 14.74% i.e. up by Rs 22,622 crore from Rs 1,53,516 crore as on 30.09.2023.
• Total deposits as on 30 th September 2024 stands at Rs 95,839 crore, registering a Y-o-Y growth of 15.37% i.e. up by Rs 12,771 crore from Rs 83,068 crore as on 30.09.2023.
• Total advances as on 30 th September 2024 stands at Rs 80,299 cr, registering a Y-o-Y growth of 13.98% i.e. up by Rs 9,851 crore from Rs 70,448 crore as on 30.09.2023.

FINANCIAL PERFORMANCE – H1 FY 2025:

• Net profit for the half year registered a robust growth of 26.46% and stood at Rs 932 crore from Rs 737 crore during corresponding half year of the previous year.
• PPOP for the half year increased by 21.46% is at Rs 1,562 crore, as compared to Rs 1,286 crore for corresponding half year of the previous year.
• Net interest income increased by 15.01% to Rs 2,084 crore vis-à-vis Rs 1,812 crore for corresponding half year of the previous year.
• Net interest margin stands at 4.12% down by 1 bps as compared to 4.13% for the corresponding half year of the previous year.
• Cost of deposits has increased by 45 bps and stands at 5.52 % as compared to 5.07% for the corresponding half year of the previous year.
• Yield on advances grew to 10.09% by 36 bps as compared to 9.73% for the corresponding half year of the previous year.
• Commission and fee based income has improved by 18.20% on Y-o-Y basis to Rs 474 crore from Rs 401 crore for corresponding half year of the previous year.
• Operating expenses for the half year was Rs 1,383 crore as compared to Rs 1198 crore during the corresponding half year of the previous year.
• Cost to income ratio stands at 46.95% (48.22% for H1 of previous year).