The net profit for Karur Vysya Bank from October to December 2023 rises by 42.56% to Rs 412 crore

The net profit for Karur Vysya Bank from October to December 2023 rises by 42.56% to Rs 412 crore

The net profit for Karur Vysya Bank from October to December 2023 rises by 42.56% to Rs 412 crore

For the same quarter previous year, the bank with its headquarters in Tamil Nadu posted a net profit of Rs 289 crore.

From Rs 2,012.71 crore recorded during the same time previous year to Rs 2,497.17 crore during the quarter under review, total income grew.

Karur Vysya Bank, a private sector bank, said on Monday that its net profit for the October–December 2023 quarter increased by 42.56 percent to Rs 412 crore.

For the same quarter previous year, the bank with its headquarters in Tamil Nadu posted a net profit of Rs 289 crore.

The nine-month net profit for December 31, 2023, was Rs 1,149 crore, up 49.61 percent from Rs 768 crore during the same period the previous year.

From Rs 2,012.71 crore recorded during the same time previous year to Rs 2,497.17 crore during the quarter under review, total income grew.

As of December 31, 2023, the total turnover was Rs 1,58,357 crore, up 14.74 percent from Rs 1,38,013 crore recorded in the same period the previous year.

In terms of asset quality, the bank said that as of December 31, 2023, gross non-performing assets (GNPA) were at Rs 1,152 crore, or 1.58 percent of gross loans, as opposed to Rs 1,674 crore, or 2.70 percent. This represents an improvement of 112 basis points. December 31, 2022.

As of December 31, 2023, net NPA for the quarter was 0.42 percent of net loans, or Rs 305 crore, whereas as of December 31, 2022, it was 0.90 percent, or Rs 550 crore.

The bank's managing director as well as CEO, Ramesh Babu B, said, "We have been treated as able to continue our consistent performance in terms of revenue growth, profitability, as well as asset quality for the third quarter ending December 31, 2023."

"We have exceeded Rs 1,58,357 crore in total revenue. We were able to achieve a net profit of Rs 1,149 crore for the nine-month period with Rs 412 crore over the quarter thanks to the inclusive expansion of all business areas. The figures Aside from this, we will feel confident in our ability to keep enhancing our performance in the days ahead thanks to the qualitative improvements we have made.