Karur Vysya Bank reports 25.13% rise in Q2 Net Profits at Rs 473.60 crore

Private assemblage Karur Vysya Bank connected Thursday reported a 25.13 per cent rise, connected its nett profits for the July-September 4th astatine Rs 473.60 crore, a apical authoritative said. The Tamil Nadu-based slope recorded a nett profits of Rs 378.45 crore during the corresponding 4th of past year.

Net profits for the six-month play ending September 30, 2024, grew by 26.46 per cent, to Rs 932 crore arsenic compared to Rs 737 crore recorded successful the corresponding play of past year.

Total income during the 4th nether reappraisal soared to Rs 2,856.01 crore from Rs 2,335.97 crore registered successful the aforesaid 4th of past fiscal year.

"We person achieved different beardown 4th of performance, guided by our 3 cardinal metrics - growth, profitability and plus quality. The bank's show indicators align with our guidance, demonstrating accordant and dependable growth," the bank's Managing Director and CEO Ramesh Babu B said successful a statement.

The full concern of the slope arsenic connected September 30, 2024, stood astatine Rs 1,76,138 crore, up by 14.74 per cent from Rs 1,53,516 crore registered successful the aforesaid play past year.

The Net Interest Income accrued by 15.85 per cent during the 4th nether reappraisal to Rs 1,060 crore arsenic compared to Rs 915 crore registered successful the aforesaid 4th of past year.

The Net Interest Margin during the 4th was astatine 4.11 per cent arsenic against 4.07 per cent registered successful the corresponding 4th of past year.

For the fractional twelvemonth ending September 30, 2024 the Net Interest Income accrued by 15.01 per cent, to Rs 2,084 crore arsenic compared to Rs 1,812 crore registered successful the corresponding fractional twelvemonth of the past fiscal year.

"Our full concern crossed Rs 1,76,138 crore. The inclusive maturation from each the concern segments has supported reaching nett net of Rs 932 crore for the fractional twelvemonth (ending September 30, 2024)," Babu said.

"It is encouraging to spot inclusive maturation successful our retail, agriculture and MSME verticals continuing the beardown commencement we made past quarter. I americium assured that the aforesaid volition beryllium maintained successful the ensuing quarters," helium said.

On plus quality, helium assistance the Gross Non-Performing Assets improved by 63 ground points astatine 1.10 per cent of gross advances arsenic connected September 30, 2024 astatine Rs 886 crore. Net Non-Performing Assets arsenic connected September 30, 2024, stood astatine 0.28 per cent, Rs 219 crore.

As of September 30, 2024, the bank's organisation web stood astatine 841 branches, 1 integer banking portion and 2,208 ATM networks.