Karur Vysya Bank (KVB) has reported a robust performance for the fiscal ended March 31, 2008. To capitalise on this further, the company has set its focus on youth segment with a new scheme called KVB now! – banking for a young India.
Addressing a press conference here on Friday, KVB chairman PT Kuppuswamy said due to a sharp growth in non-interest income, the bank has reported a net profit of Rs 208.33 crore for the fiscal ended March 31, 2008 as against Rs 160.01 crore, a growth of 30.20%. This is despite a 10% increase in staff wages during the year, he added.
The total income rose by 30.69% to Rs 1,289.33 crore from the last fiscal’s Rs 986.55 crore. Interest income from advances increased by 38.17% from Rs 621.11 crore to Rs 858.16 crore.
Other income grew 30.34% to Rs 155.30 crore from Rs 119.15 crore in the previous fiscal, he said. The net NPA level has brought down further to 0.18%, considered to be the lowest in the banking industry, he said.
According to him, the total business during the year under review crossed the Rs 22,000-crore mark to touch Rs 22,118.83 crore, as against Rs 16,534.66 crore, a growth of 33.77%. The deposits recorded a growth of 34.36% to Rs 12,549.99 crore, while advances grew 33% to Rs 9,56.44 crore. The board has recommended a higher dividend of 120% as against 100% last year, he said.
KVB now! will cover youngsters in the age group between 20 and 35. KVB now! will cover sudents, young professionals, industrialists with new offerings and loans. Kuppuswamy said. Meanwhile, the bank is targeting Rs 28,000 crore business in the current fiscal, including deposits of Rs 16,000 crore. The bank has licence to open 35 branches.