Karur Vysya Bank's Oct-Dec 2023 net profit up 42.56% at Rs 412 cr

Chennai: Private sector Karur Vysya Bank has reported a 42.56 per cent jump on its net profit for the October-December 2023 quarter to Rs 412 crore, the lender said on Monday.

The Tamil Nadu-based bank had reported a net profit of Rs 289 crore during the corresponding quarter of previous year.

For the nine month period ended December 31, 2023 the net profit surged by 49.61 per cent to Rs 1,149 crore, from Rs 768 crore registered during the corresponding period of last year.

Total income during the quarter under review grew to Rs 2,497.17 crore from Rs 2,012.71 crore registered during the same period of last year.

Total business as on December 31, 2023 stood at Rs 1,58,357 crore upby 14.74 per cent from Rs 1,38,013 crore registered during the same period of last year.

On the asset quality, the bank said the Gross Non Performing Assets (GNPA) has improved by 112 basis points at 1.58 per cent of gross advances as on December 31, 2023 at Rs 1,152 crore as compared to 2.70 per cent, Rs 1,674 crore as on December 31, 2022.

Net NPA during the quarter was at 0.42 per cent of net advances as on December 31, 2023 at Rs 305 crore as against 0.90 per cent as on December 31, 2022 at Rs 550 crore.

"We have been able to continue to demonstrate our consistent performance in terms of growth, profitability and asset quality for the third quarter ended December 31, 2023," the Managing Director and CEO of the bank Ramesh Babu B said.

"Our total business crossed Rs 1,58,357 crore. The inclusive growth from all the business segments has helped us to reach net profit of Rs 1,149 crore for the nine month period and Rs 412 crore for the quarter. Besides numbers, the qualitative changes that we have brought in gives us the confidence of sustained improvement in our performance in the days to come," he said.