KVB Records 13.81 Per cent Net Profit

Chennai, July 30: | Updated: Jul 31 2002, 05:30am hrs
Karur Vysya Bank Ltd (KVB) is looking at improving its income stream by enhancing fee-based business besides cutting cost by shedding high-cost deposits and building up business volumes.

The bank, during the quarter ended June 30, 2002, has reported a net profit of Rs 22.25 crore, about 13.81 per cent over Rs 19.55 crore in the corresponding period in the previous year.

The total income stood at Rs 147.37 crore against Rs 135.67 crore. The total deposits of the bank have grown by about 17.54 per cent to Rs 4,098.30 crore, while advances have gone up by 21.56 per cent to Rs 2,503.37 crore.

The bank is targeting deposits of Rs 5,000 crore and advances of Rs 3,000 crore by the end of the financial year.

According to a statement issued by the bank here, “KVB has already launched attractive deposit schemes and introduced tailor-made loan products to meet the customer needs. This, coupled with aggressive marketing efforts of the bank, would help achieve the targets set for the current fiscal.” The bank is planning to enhance its branch network from the present 212 by opening branches in potential areas in Mumbai, New Delhi and Tamil Nadu.