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ICICI Securities Report
Karur Vysya Bank Ltd.'s Q3 FY22 earnings at Rs 1.85 billion, highest in past 18 quarters, sequential decline in gross non-performing loans pool for the second consecutive quarter and return on equity crossing 10% reinforces our view that the bank is progressing well on its target to cross 1% return on asset by FY23E.
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Karur Vysya Bank's credit cost at sub-1% during nine months-FY22 reflects superior portfolio quality. Considering special mention account 30 plus / SMA-II pool at 1.3% / 0.4%, and 98% plus collections in January 2022, credit cost in FY23E is likely to trend downwards from FY22E level and the same would ensure improving trajectory in RoA (0.93%) to continue going ahead.
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However, portfolio behaviour in total restructured book to ~Rs 16 billion (~3% of loans) remains key monitorable going ahead.
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