CHENNAI: Karur Vysya Bank’s net profit increased 53.86% in the September quarter and stood at Rs 378 crore from Rs 250 crore during the same period last year.
Net interest income (NII) rose 11.45% to `915 crore from Rs 821 crore last year (YoY). Total deposits stood at Rs 83,068 crore, registering a 13.17% growth from Rs 73,398 crore last September. Total advances for the quarter stands at Rs 70,448 crore, registering a 15.32% growth.
The bank announced it has crossed Rs 1.5 trillion mark in total business during the quarter with Rs 1,53,516 cr, according to a release. Ramesh Babu B, Managing Director and Chief Executive Officer of the bank said,
“We had crossed Rs 1.25 Trillion in March 2022 and the next Rs 0.25 trillion has been crossed within a short span of 18 months.” The bank recorded a net profit of 53.86% in the first half of the financial year and stood at Rs 737 crore from Rs 479 crore during the same period in the previous year. Net interest income rose by 15.63% (YoY) to Rs 1,812 and interest margin jumped 15 basis points (bps) and stood at 4.13% (YoY) in H1.