Karur Vysya Bank Q3 net up 53%

Chennai, January 30: | Updated: Jan 31 2002, 05:30am hrs
Karur Vysya Bank Ltd (KVB) has reported a robust 53 per cent growth in its net profit during the third quarter ended December 31, 2001.

Net profit of the bank has increased to Rs 25.09 crore compared to Rs 16.38 crore clocked during the corresponding period of the previous year.

Total income of the bank, during the period, stood at Rs 150.60 crore as against Rs 125.24 crorein the same quarter previous year, registering a growth of about 20 per cent.

For the nine months period December 2001, the net profit of the bank was Rs 60.80 crore over a total income of Rs 415.11 crore.

Total expenditure for the period has increased to Rs 304.69 crore from Rs 284.15 crore posted in the corresponding period of the previous year.

Total deposits and advances of the bank stood at Rs 3,566.42 crore and Rs 1,964.25 crore.

The bank, according to a statement, is aiming at a deposit level of Rs 4,000 crore and advances of Rs 2,400 crore by the end of the current fiscal. It has introduced various loan products to meet the individual needs of its growing clientele. Besides, it is also in the process of increasing its income stream by enhancing fee-based business, cutting costs by shedding high-cost deposits and building up business volumes, the statement said.