Karur Vysya Bank Q1 net profit zoomed 110.11% at Rs 228.75 cr
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The bank reported standalone net profit of Rs 228.75 crore for the quarter ended June 30, 2022 as compared to Rs 108.87 crore in the same period last year, registering a year-on-year growth of 110.11 per cent. Interest income of the bank rose by 7.09 per cent at Rs 1473.53 crore for the quarter ended June 30, 2022 as against Rs 1375.94 crore in the corresponding period last year.
During the April-June quarter, total income rose marginally by 4.80 per cent to Rs 1,672.60 crore from Rs 1,595.93 crore in the year ago period. Meanwhile, operating expenses increased by 2.55 per cent to Rs 1,197.13 crore from Rs 1,167.34 crore in the same period last year. Operating profit surged 10.94 per cent to Rs 475.47 crore from Rs. 428.59 crore. Provisions and Contingencies slipped by 41.43 per cent at Rs 154.64 crore from Rs 264.04 crore a year ago. NII, the difference between interest earned on loans and interest paid on deposits, increased by 16.93 per cent at Rs 745.88 crore versus Rs 637.90 crore in the year ago period.
Non-interest income dipped 9.51 per cent year-on-year to Rs 199.07 crore. On the asset side, gross non- performing assets (NPAs) fell to 5.21 per cent of the gross advances as at the end of June 30, 2022 from a level of 7.97 per cent year earlier. Its net NPAs or bad loans too declined to 1.91 per cent of net advances on June 30, 2022 from 3.69 per cent a year ago.
