CHENNAI: Private sector lender Karur Vysya Bank Ltd’s (KVB) standalone net profit for the third quarter ended December grew more than five-fold to ₹185 crore on improved off-take by retail and business segment clientele.
During the period under review, net interest margin rose to 3.68% from 3.29% and net interest income improved by 18% to ₹687 crore. Non interest income (excluding treasury profit) improved to ₹209 crore from ₹197 crore, the bank said in a statement.
Gross NPAs declined to 6.97% from 7.37%, while net NPAs remained at 2.55%. Provision coverage ratio improved to 78.81% from 77.35%.
Total business grew 7.4% to ₹1.23 lakh crore, while CASA deposits grew by 12.2% ₹24,128 crore.
Improved off-take by retail and business segment clientele as well as a robust jewel loan portfolio aided the credit growth during this period. The growth was facilitated through digital processing and improved sourcing through various channels, said B. Ramesh Babu, MD & CEO.
Shares of the company gained ₹1.65 to close at ₹50.30 on the BSE Monday.
