Private sector lender Karur Vysya Bank on Monday reported a 35% rise in net profit to Rs 456 crore in the March quarter. The Tamil Nadu-based bank had earned a net profit of Rs 338 crore in the year- ago period.
The total income increased to Rs 2,813 crore during the quarter under review, as against Rs 2,169 crore in the corresponding period a year ago, the bank said in a regulatory filing.
The interest income of the bank grew to Rs 2,185 crore during the period under review, from Rs 1,768 crore in the corresponding quarter a year ago.
On the asset quality side, the bank's gross non-performing assets moderated to 1.40% of gross advances as of March 2024, from 2.27% at the end of March 2023.
Net NPAs also declined to 0.40% of the advances, from 0.74% at the end of 2023.
However, provision and contingencies remained flat at Rs 293 crore.
For the financial year ended March 2024, the bank's net profit increased 45% to Rs 1,605 crore, as compared to Rs 1,106 crore a year earlier.
Total income of the bank increased to Rs 9,863 crore in FY24 as against Rs 7,675 crore in FY23.
The board has recommended a dividend of Rs 1.20 per equity share of face value Rs 2 each fully paid-up for 2023-24 subject to approval at the ensuing Annual General Meeting.
However, capital adequacy ratio of the bank declined to 16.67% as compared to 18.56% as on March 31, 2023.
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