Karur Vysya Net Up 15% In 02-03

Chennai, May 26: | Updated: May 27 2003, 05:30am hrs
Karur Vysya Bank Ltd (KVB) has reported a 15.17 per cent growth in its net profit during the year ended March 2003. Net profit stood at Rs 124.97 crore compared to Rs 108.51 crore the previous year. Total income has gone up to Rs 648.07 crore from Rs 587.01 crore in 2001-02. KVB has recommended a dividend of 70 per cent, subject to RBI approval, for the year 2002-03.

Total deposits have increased by 23 per cent to Rs 5,121.92 crore, while advances grew by 35.95 per cent to Rs 3,344.40 crore. Net non performing assets have come down to 4.20 per cent from 6.33 per cent the previous year. Capital adequacy ratio stands at 17.01 per cent.

KVB, according to a release, is targeting a deposit level of Rs 6,400 crore and advances of Rs 4,400 crore by the end of financial year 2004. KVB is focussing on retail financing with special thrust on consumer loans and housing loans. With the onset of economic revival and with our aggressive marketing efforts already in place, the bank is hopeful of reaching these targets, KVB chairman PT Kuppuswamy said.

KVB is also looking at improving its income stream by enhancing fee-based business, cutting costs by shedding high-cost deposits and building up business volumes, he added.

It has rapidly computerised its operations. As of now, nearly 93 per cent of its business is captured through computerised branches. Many of the branches in important centres are interconnected to facilitate anywhere banking convenience to the customers. The bank has installed 57 ATMs across the country and has tied up with UTI Bank for sharing ATMs.