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ICICI Securities Report
Karur Vysya Bank Ltd. sustained improving earnings trajectory in Q1 FY22 at Rs 1 billion (up 4% QoQ), despite higher provisions of Rs 2.6 billion versus Rs 0.7 billion in Q4 FY21, led by strong 14% YoY net interest income growth and cost normalisation.
Karur Vysya Bank's incremental stressed asset formation remained under control as reflected in negligible restructuring of only 7 baiss points and gross slippage ratio at 4% versus 7% in Q4 FY21.
Special mention account 30 plus pool is 1.9%; 95% collections throughout April-June 2021 and strong recovery in July 2021 reinforces our view that FY22E slippage ratio would be well within the guided range of 2%.
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