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ICICI Securities Report
Karur Vysya Bank Ltd.'s Q4 FY21 performance remained strong with earnings reviving to Rs 1.04 billion (up 25% YoY) and incremental stressed asset formation remaining under control as reflected in:
- gross slippages at lower at Rs 9.59 billion (1.82% of loans) in FY21 versus Rs 16.02 billion in FY20, below the guided range of 2.25%; and
- restructuring at Rs 9.57 billion, or 1.81% of loans, in FY21 (guidance: 2.5%).
Collections continued to be strong at more than 95% in April 2021 though we expect it to decline in May 2021.
Reported gross non performing asset and net non performing asset stood at 7.85% and 3.41% respectively as at FY21.
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