Karur Vysya Bank Q1 profit rises 57% to Rs 359 cr; Rs 1,883 cr interest earned

New Delhi: Private sector lender Karur Vysya Bank on Monday reported 57 per cent rise in net profit at Rs 359 crore for June quarter due to decline in bad loans and increase in interest income.

The Tamil Nadu-based lender had posted a net profit of Rs 235 crore in the year-ago period.

Total income during the quarter under review increased to Rs 2,216 crore from Rs 1,673 crore in FY23, Karur Vysya Bank said in a regulatory filing.

Interest earned by the bank grew to Rs 1,883 crore over Rs 1,474 crore in June quarter a year ago.

The bank's asset quality showed improvement as gross Non-Performing Assets (NPAs) declined to 1.99 per cent of gross advances by the end of June 2023, from 5.28 per cent as of June 2022.

Similarly, net NPAs or bad loans eased to 0.59 per cent as against 1.93 per cent a year ago.

However, Capital Adequacy Ratio of the bank declined 17.67 per cent from 18.98 per cent in the same quarter of FY23.