B Ramesh Babu, MD & CEO, Karur Vysya Bank Ltd.
Private sector lender Karur Vysya Bank Ltd (KVB)’s standalone net profit rose 56% to ₹289 crore in the quarter ended December, led by a rise in net interest income and improvement in asset quality.
During the quarter under review, total income grew by 37% to ₹1,206 crore, of which net interest income grew by 29% to ₹889 crore and non-interest income to ₹317 crore (₹196 crore). Net interest margin increased by 64 bps to 4.32%, it said in a statement.
Gross non-performing assets (GNPA) declined to 2.66% of gross advances (₹1,674 crore) as against 6.97% (₹3,888 crore) in the year-ago period.
Net NPAs reduced from 2.55% to 0.89% of net advances of ₹550 crore. Provision coverage ratio increased from 78.8% to 90.87%.
The cost of deposits increased by 4 bps to 4.26%, while the yield on advances increased to 9.04% from 8.42%. Fee based income increased by ₹22 crore to ₹184 crore.
The total business grew by 13.4% to Rs 1,39,062 crore, of which deposits stood at Rs 76,175 crore.
The capital adequacy ratio of the bank stood at 17.86%.
On January 23, the board appointed B.R. Approved the proposal for re-appointment of Ramesh Babu.