KVB records 53% rise in net profit in FY21

KARUR:  Private sector lender Karur Vysya Bank has recorded a 52.76 per cent jump in its net profit for the full financial year 2020-21 (FY21), clocking in at Rs 359 crore, up from Rs 235 crore during the previous financial year (FY20). The bank’s net interest income for the year stood at Rs 2,360 crore against Rs 2,348 crore for FY20. 

The bank also disclosed that its net interest margin stands at 3.40 per cent, marginally lower by 4 basis points from a year ago. Non-interest income for FY21 stands at Rs 1,057 crore compared to Rs 1,155 crore in the previous year. 

Credit growth was higher at 8.87 per cent and gross advances reached Rs 52,820 crore, up from Rs 48,516 crore a year ago. The Jewel Loan portfolio grew 39 per cent in FY21. The bank’s total deposits also grew by 7 per cent to Rs 63,278 crore.