Karur Vysya Bank Q4 Results: Net profit rises 12% YoY to Rs 513 crore; stock rises
gained 1.22% on BSE as investors reacted positively to its fourth
quarter
earnings.
The Sensex meanwhile fell 1.03% Tuesday. The bank's scrip closed the day at Rs 228.20 against the previous close of Rs 225.45.
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The private sector lender reported a 12.50% year-on-year rise in fourth quarter
net profit
at Rs 513 crore as compared with Rs 456 crore in the year-ago period
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The pre-provision operating profit stood 17.60% higher at Rs 835 crore, as compared to Rs 710 crore earlier.
The
bank
has made the highest ever annual profit of Rs 1,942 crore for the year ended March 31 and highest quarterly profit of Rs 513 crore, managing director B Ramesh Babu said. "The strong performance was guided by our three key metrics: growth, profitability, and
asset
quality," he said.
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Its net interest margin for the quarter was at 4.05% as compared with 4.20% for the corresponding quarter of the previous year. Net interest income increased by 9.11% at Rs 1,089 crore.
The bank's total advances rose 13/5% year-on-year to 84,491 crore at the end of March while gross non-performing assets ratio stood lower at 0.76%, down 64 basis points year-on-year.
Total deposits grew 14.6% to Rs 1.02 lakh crore.
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