Karur Vysya Bank Q1 net up 59%

Chennai: Karur Vysya Bank reported results for the quarter ended 30 June and said its total business increased to Rs 1,10,893 crore, registering a 5.17 per cent year-on-year (y-o-y) growth.

Total advances grew by Rs 1,296 crore to Rs 49,182 crore and during the same period, total deposits increased by Rs 4,157 crore, from Rs 57,554 crore in 2018, to Rs 61,711 crore this year, said the bank in a release.

Net profit for the quarter of the bank was up by 59 per cent to Rs 73 crore, from Rs 46 crore during Q1 of previous year and operating profit for the quarter stood at Rs 445 crore.

CASA deposits stood at Rs 18,340 crore with a share of 30 per cent while net interest income for the quarter remained flat at Rs 584 crore. Non-interest income for the quarter of the bank increased by seven per cent from Rs 255 crore to Rs 270 crore.

The bank said its net interest margin stands at 3.49 per cent. Gross NPA as on 30 June was Rs 4,511 crore and net NPA was Rs 2,322 crore.

NT Bureau