CHENNAI: Karur Vysya Bank on Monday reported a net profit of Rs 359 crore in the June 2023 quarter, a 56% jump from Rs 229 crore in the same period last year (YoY). The bank’s net interest income increased to 897 crores, an increase of 20% YoY.
Bank’s balance sheet grew 12.83% and total business registered 13.7% growth in the quarter against June 2022. Deposits at the bank recorded 13.75 growth and stood at 80715 crores. Total advances stood at Rs 68,638 crore before the write-off.
Lender’s net interest margin stood at 4.19%, cost of deposits stood at 4.96% and yield on advances grew to 9.69% by 134 basis points as compared to 8.35% YoY. The cost to income ratio stands at 47.29% in the quarter.
Bank’s gross non-performing assets stood at 1.99% of gross advances and net non-performing assets were at 0.59% of net advances. Similarly, net NPAs or bad loans eased to 0.59% as against 1.93% a year ago.