Karur Vysya Bank (KVB) on Monday reported an over five-fold increase in its net profit to Rs 185 crore for the third quarter of FY22, compared with Rs 35 crore in the year-ago period. Total income stood at Rs 1,600 crore, compared with Rs 1,614 crore, recording a marginal decrease.
Net interest income improved 18% to Rs 687 crore from Rs 584 crore. Net interest margin stood at 3.68%. Non-interest income (excluding treasury profit) improved to Rs 209 crore, compared with Rs 197 crore.
Gross NPA declined by 40 bps to 6.97% (Rs 3,888 crore), compared with 7.37% (Rs 3,842 crore) a year ago. Net NPA stood at Rs 1,356 crore at 2.55%, retaining the rate of the year-ago period. The provision coverage ratio stood at 78.81% (77.35%). Basel III CRAR stood at 18.79% (with CET1 ratio of 16.76%), up from 18.52%.
Total business of the bank stood at Rs 1, 22,664 crore, registering a Y-o-Y growth of 7.4% (Rs 8,462 crore) from Rs 1,14,202 crore. Total deposits grew to Rs 66,871 crore, up from Rs. 62,089 crore. CASA share was up at 36% from 35% a year ago. CASA deposits grew 12.2% on a Y-o-Y basis to Rs.24,128 crore.
Gross advances rose 7.1% YoY (Rs 3,680 crore) and stood at Rs 55,793 crore, against Rs 52,113 crore a year ago. KVB in a release said improved offtake by retail and business segment clientele, as well as a robust jewel loan portfolio, aided the credit growth. The jewel loan portfolio registered a Y-o-Y growth of Rs 1,649 crore (13.7%) to Rs 13,718 crore.
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