MUMBAI: The Tamil Nadu-based private sector lender Karur Vysya Bank has reported a 39% jump in net income for the December quarter at Rs 690 crore compared to Rs 496 crore in the corresponding quarter previous year, making it highest-ever quarterly net profit, driven by a robust increase in advances and net interest income.
The board of the Karur headquartered bank also approved the re-appointment of B Ramesh Babu as the managing director and chief executive for a two-year tenor, effective July 29, 2026.
Net interest income increased 14.6% on-year to Rs 1,239 crore from Rs 1,081 crore, despite a marginal fall in net interest margin to 3.99% from 4.04%, the bank said in a statement Friday.
Total deposits rose 15.6% to Rs 1,14,595 crore while total advances rose 17.16% to Rs 97,052 crore, taking the total business up 16.29% to Rs 2,11,647 crore.
The bottom line growth was also helped improved asset quality with gross NPAs coming down to 0.71% from 0.83% and net NPAs printing in at 0.19% from 0.20%.
“Our current performance indicators remain aligned with the guidance previously issued. The stability across all three key metrics—growth, profitability, and asset quality—demonstrates the sustained robustness and resilience of our operations since the beginning of the year,” Babu said in a statement.
“This quarter standalone net profit is higher than the annual profit of fiscal 2022,” he added.