Karur Vysya Bank reports marginal growth in Q1 net profit at Rs 109 crore

By: |
August 05, 2021 7:15 AM

The bank’s total income was slightly lower at Rs 1,596 crore in the quarter under review as compared to Rs 1,693 crore in the same period last year.Its net interest income improved 14% to Rs 638 crore as against Rs 562 crore while net interest margin (NIM) stood at 3.55%.

The cost of deposits has improved by 84 basis points (bps) to 4.53% in the quarter as compared to 5.37% in the same period previous year, KVB said in a release.The cost of deposits has improved by 84 basis points (bps) to 4.53% in the quarter as compared to 5.37% in the same period previous year, KVB said in a release.

Karur Vysya Bank (KVB) on Wednesday registered marginal growth in net profit at Rs 109 crore for the first quarter of FY22 as against Rs 106 crore in the corresponding quarter of the previous financial year.

The bank’s total income was slightly lower at Rs 1,596 crore in the quarter under review as compared to Rs 1,693 crore in the same period last year.Its net interest income improved 14% to Rs 638 crore as against Rs 562 crore while net interest margin (NIM) stood at 3.55%.

The cost of deposits has improved by 84 basis points (bps) to 4.53% in the quarter as compared to 5.37% in the same period previous year, KVB said in a release. The non-interest income (including treasury profit) dropped to Rs 220 crore in Q1FY22 as compared to Rs 317 crore in Q1FY21, when there was a higher treasury profit of Rs 178 crore earned, as compared to Rs 35 crore during the current period.

Commission- and fee-based income have improved by Rs 26 crore to Rs 147 crore from Rs 121 crore while operating expenses stood at Rs 429 crore as compared to Rs 405 crore. KVB said its total business was at Rs 1,16,713 crore, registering 7.4% growth. Credit portfolio grew 8% and gross advances stood at Rs 52,315 crore, up from Rs 48,617 crore. Improved credit off-take in retail and business segment as well as jewel loan portfolio, backed by digital processing and improved sourcing of loans through various channels aided credit growth.

Jewel loan portfolio registered growth of Rs 3,258 crore (32.8%) and was at Rs 13,206 crore. Total deposits grew Rs 4,333 crore (7%) to `64,398 crore, up from Rs 60,065 crore. Growth was routed through sustained improvement in CASA portfolio and retail-term deposits, it said. Gross NPA has declined to 7.97% as compared to 8.34% while net NPA inched up to 3.69% as against 3.44%. Provision coverage stood at 72.40%.

On the capital adequacy front, the bank said the Basel III CRAR was at 19.06% (with CET1 ratio of 17.04%), up from 18.14%.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Bank deposits rise 12 pc in FY21 on higher CASA growth: RBI data
2Bank credit grows by 6.7 pc; deposits by 9.32 pc
3Fresh troubles surface for Dhanlaxmi Bank