Karur Vysya Bank Announces Financial Results For The Quarter Ended 30 Th June 2023
July 17, 2023:
KarurVysya Bank (‘the Bank’) announced its financial results for the Quarter that ended June 30, 2023 today. The Bank continues its healthy performance in terms of business growth, profitability as well as asset quality.
BALANCE SHEET:
Balance sheet size as of June 30, 2023, was ₹ 94,607 crore as against ₹ 83,847 crore as of June 30, 2022, a growth of 12.83%.
Total business as on 30thJune2023 stands at ₹1,47,671crore, registering a Y-o-Y growth of 13.72% i.e. up by ₹17,820crore from ₹ 1,29,851crore as on 30.06.2022.
Total deposits as on 30thJune 2023 stands at ₹80,715crore, registering a Y-o-Y growth of 13.75% i.e. up by ₹ 9,754crore from ₹70,961crore as on 30.06.2022.
Total advances as on 30thJune 2023 stands at ₹68,638crore before write off, registering a Y-o-Y growth of 16.55% i.e. up by ₹ 9,748crore from ₹58,890crore as on 30.06.2022.
FINANCIAL PERFORMANCE – FOR THE QUARTER JUNE 2023 vs. JUNE 2022:
Net profit for the quarter registered a robust growth of 56.77% and stood at ₹ 359 crore from ₹ 229 crore during the corresponding quarter of the previous year.
PPOP for the quarter increased by 36.42% at ₹ 648 crores, as compared to ₹ 475 crores for the corresponding quarter of the previous year.
Net interest income increased by 20.24% to ₹897crore vis-à-vis ₹746crore for the corresponding quarter of the previous year.
Net interest margin stands at4.19%up by 34bps as compared to 3.85% for the corresponding quarter of the previous year.
The cost of deposits has increased by 86 bps and stands at 4.96% as compared to 4.10% for the corresponding quarter of the previous year.
The yield on advances grew to 9.69% by 134bps as compared to 8.35% for the corresponding quarter of the previous year.
Commission and fee-based income has improved by 9.63% on a Y-o-Y basis to ₹ 205 crore from ₹ 187 crore for the corresponding quarter of the previous year.
Operating expenses for the quarter were ₹ 581 crore as compared to ₹ 470 crore during the corresponding quarter of the previous year.
The cost-to-income ratio stands at 47.29% (49.68% for Q1 of the previous year).
CAPITAL ADEQUACY:
Capital Adequacy Ratio (CRAR) as per Basel III guidelines was at 17.67% as on June 30, 2023 (18.95% as on June 30, 2022) as against a regulatory requirement of 11.50%. Tier 1 was at 15.96% as of June 30, 2023, compared to 17.02% as of June 30, 2022. Risk-weighted Assets were at₹51,643croreas on June 30, 2023 (₹ 42,884 crore as of June 30, 2022).
ASSET QUALITY:
Gross non-performing assets (GNPA) have improved by 329bps and stand at 1.99%of gross advances as on June 30, 2023 (₹1,330crore)and 5.28% as on June 30, 2022 (₹ 3,107crore).
Net non-performing assets (NNPA)is below 1% and stands at0.59% of net advances as on June 30, 2023 (₹390crore), 1.93% as on June 30, 2022 (₹ 1,098crore).
The Provision Coverage Ratio (PCR) was at 93.41% as at June 30, 2023, as against 82.74% as of June 30, 2022.
NETWORK:
As of June 30, 2023, the Bank’s distribution network stands at808 branches and 1 Digital Banking Unit, and 2,240 ATMs / Cash Recyclers as against 789 branches and 2,237 ATMs / Cash Recyclers as of June 30, 2022.55% of our branches are in semi-urban and rural areas. In addition, we have 150 business correspondents.
OTHERS:
RBI has approved the reappointment of MD&CEO for a further period of three years.
Mr. Ramesh Babu B, Managing Director & CEO, The KarurVysya Bank said, “We have been able to continue to demonstrate our consistent performance in terms of Growth, Profitability, and Asset Quality for the first quarter ended 30th June 2023. Our total business crossed…₹1,47,671cr…….. The inclusive growth from all the business segments has helped us to reach a net profit of ₹ 359 cr for the quarter.
We are always mindful of the trust, faith, and confidence that our customers and our investors have reposed in us. The momentum would be carried for the rest of the quarters of this fiscal”.
