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

Chennai: Private sector Karur Vysya Bank on Thursday reported a 25.13 per cent rise, on its net profits for the July-September quarter at Rs 473.60 crore, a top official said.

The Tamil Nadu-based bank recorded a net profits of Rs 378.45 crore during the corresponding quarter of last year.

Net profits for the six-month period ending September 30, 2024, grew by 26.46 per cent, to Rs 932 crore as compared to Rs 737 crore recorded in the corresponding period of last year.

Total income during the quarter under review soared to Rs 2,856.01 crore from Rs 2,335.97 crore registered in the same quarter of last financial year.

"We have achieved another strong quarter of performance, guided by our three key metrics - growth, profitability and asset quality. The bank's performance indicators align with our guidance, demonstrating consistent and steady growth," the bank's Managing Director and CEO Ramesh Babu B said in a statement.

The total business of the bank as on September 30, 2024, stood at Rs 1,76,138 crore, up by 14.74 per cent from Rs 1,53,516 crore registered in the same period last year.

The Net Interest Income increased by 15.85 per cent during the quarter under review to Rs 1,060 crore as compared to Rs 915 crore registered in the same quarter of last year.

The Net Interest Margin during the quarter was at 4.11 per cent as against 4.07 per cent registered in the corresponding quarter of last year.

For the half year ending September 30, 2024 the Net Interest Income increased by 15.01 per cent, to Rs 2,084 crore as compared to Rs 1,812 crore registered in the corresponding half year of the last financial year.

"Our total business crossed Rs 1,76,138 crore. The inclusive growth from all the business segments has supported reaching net profit of Rs 932 crore for the half year (ending September 30, 2024)," Babu said.

"It is encouraging to see inclusive growth in our retail, agriculture and MSME verticals continuing the strong start we made last quarter. I am confident that the same will be maintained in the ensuing quarters," he said.

On asset quality, he aid the Gross Non-Performing Assets improved by 63 basis points at 1.10 per cent of gross advances as on September 30, 2024 at Rs 886 crore. Net Non-Performing Assets as on September 30, 2024, stood at 0.28 per cent, Rs 219 crore.

As of September 30, 2024, the bank's distribution network stood at 841 branches, one digital banking unit and 2,208 ATM networks.