Stories
Karur Vysya Bank Q2 Net Profit Soars 37% with Strong Core Income Growth
- •Karur Vysya Bank reported a net profit of ₹788 crore for the second quarter, marking a 37.2% increase from ₹574 crore in the previous year.
- •Net interest income grew by 19% to reach ₹1,497.3 crore in the September quarter compared to ₹1,261 crore in the same period last fiscal.
- •Asset quality saw notable improvement as gross non-performing assets dropped to 0.69% and net NPA contracted to 0.18% sequentially.
- •Provisions for the quarter stood at ₹118.5 crore, showing an increase from the previous quarter but remaining significantly lower year-on-year.
- •Shares of the bank recovered sharply following the earnings announcement, trading higher with a 29% gain so far this year.
Key Questions Answered
Karur Vysya Bank reported a net profit of ₹788 crore for the second quarter, marking a 37.2% increase from ₹574 crore in the previous year. Meanwhile, its net interest income (NII) or core income rose by 19% to reach ₹1,497.3 crore in the September quarter compared to ₹1,261 crore in the corresponding period of the prior fiscal.
The lender's asset quality showed improvement during the second quarter. Its gross non-performing assets (NPA) declined sequentially from 0.74% to 0.69%, while its net NPA experienced a marginal contraction moving from 0.19% to 0.18%.
Karur Vysya Bank's provisions for the second quarter stood at ₹118.5 crore. This was marginally higher than the ₹90.3 crore recorded in the prior quarter, but remained significantly below the ₹274.4 crore reported in the same period of the previous year.
