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Chennai, Jan 23: Karur Vysya Bank Ltd (KVB) has reported a 10.76 per cent growth in its net profit during the third quarter ended December 2003. Net profit of the bank stood at Rs 44.54 crore as against Rs 40.21 crore in the corresponding period previous year. Total income including other income stood at Rs 157.06 crore (Rs 179.29 crore).
According to a bank statement on Friday, deposits of KVB have gone up to Rs 5,285.36 crore as on December 2003 from Rs 4,388.66 crore on December 2002, registering a growth of about 20.43 per cent. Advances have increased by about 23.7 per cent from Rs 2,800 crore to Rs 3,465.12 crore. The capital adequacy ratio is comfortable at 20.26 per cent.
The bank has already entered into bancassurance agreement for selling general and life insurance products and selling of mutual fund schemes under corporate agency status with leading institutions. It has tied up with Export Credit Guarantee Corporation for distributing export policies. These initiatives will enhance the non-interest income substantially over the next couple of years.
The bank is planning to expand its branch network by opening new potential centres like Palghat, Neyveli, Velacheri and Mogappair in Chennai and Sion, Thane and Nerul in Mumbai. It is also planning to increase its ATM network to 125 from 100 by March 2004.
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