Karur Vysya Bank Q2 results for FY 2023-24; Total business crossed ₹ 1.5 Trillion (₹ 1,50,000 cr)

Bank had crossed historical milestone of total business of 1.5 Trillion ( 1,50,000 cr).

Karur Vysya Bank (‘the Bank’) announced its financial results for the Quarter / half year ended September 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 September 30, 2023 was ₹ 98,434 crore as against ₹ 86,365 crore as of September 30, 2022, a growth of 13.97%.

 

Total business as on 30th September 2023 stands at ₹ 1,53,516 crore, registering a Y-o-Y growth of  14.15% i.e. up by ₹ 19,032 crore from ₹ 1,34,484 crore as on 30.09.2022.

 

Total deposits as on 30th September 2023 stands at ₹ 83,068 crore, registering a Y-o-Y growth of 13.17% i.e. up by ₹ 9,670 crore from ₹ 73,398 crore as on 30.09.2022.

 

Total advances as on 30th September 2023 stands at ₹ 70,448 crore, registering a Y-o-Y growth of  15.32% i.e. up by ₹ 9,362 crore from ₹ 61,086 crore as on 30.09.2022.

 

 

FINANCIAL PERFORMANCE – H1 FY 2024:

 

Net profit for the half year registered a robust growth of 53.86% and stood at ₹737 crore from ₹ 479 crore during corresponding half year of the previous year.

 

PPOP for the half year increased by 22.71% is at ₹ 1,286 crore, as compared to ₹ 1,048 crore for corresponding half year of the previous year.

 

Net interest income increased by 15.63% to ₹ 1,812 crore vis-à-vis ₹ 1,567 crore for corresponding half year of the previous year.

 

Net interest margin stands at 4.13% up by 15 bps as compared to 3.98% for the corresponding half year of the previous year.

 

Cost of deposits has increased by 97 bps and stands at 5.07 % as compared to 4.10% for the corresponding half year of the previous year.

 

Yield on advances grew to 9.73% by 123 bps as compared to 8.50% for the corresponding half year of the previous year.

 

Commission and fee based income has improved by 11.08% on Y-o-Y basis to ₹ 401 crore from ₹ 361 crore for corresponding half year of the previous year.

 

Operating expenses for the quarter was ₹ 1,198 crore as compared to ₹ 960 crore during the corresponding half year of the previous year.

 

Cost to income ratio stands at 48.23% (47.82% for H1 of previous year).

 

 

 

CAPITAL ADEQUACY:

 

Capital Adequacy Ratio (CRAR) as per Basel III guidelines was at 16.84% as on September 30, 2023 (18.07% as on September 30, 2022) as against a regulatory requirement of 11.50%. Tier 1 was at 15.19% as of September 30, 2023 compared to 16.20% as of September 30, 2022. Risk-weighted Assets were at ₹ 54,314 crore as on September 30, 2023 (₹ 45,007 crore as at September 30, 2022).

 

 

ASSET QUALITY:

 

Gross non-performing assets (GNPA) has improved by 229 bps and stands at 1.73% of gross advances as on September 30, 2023 (₹ 1,219 crore) and 4.02% as on September 30, 2022 (₹ 2,457 crore).

 

Net non-performing assets (NNPA) is below 1% and stands at 0.47% of net advances as on September 30, 2023 (₹ 324 crore), 1.38% as on September 30, 2022 (₹ 819 crore).

 

Provision Coverage Ratio (PCR) was at 94.49% as at September 30, 2023, as against 86.94% as at September 30, 2022.

 

NETWORK:

 

As of September 30, 2023, the Bank’s distribution network stands at 824 branches and 1 Digital Banking Unit and 2,244 ATMs / Cash Recyclers as against 792 branches and 2,238 ATMs / Cash Recyclers as of September 30, 2022. 55% of our branches are in semi-urban and rural areas. In addition, we have 150 business correspondents.

 

FINANCIAL PERFORMANCE – Q2 FY 2024 vs. Q2 FY2023:

 

Net profit for the quarter registered a robust growth of 51.20% and stood at ₹ 378 crore from ₹ 250 crore during corresponding quarter of previous year.

 

PPOP for the quarter increased by 11.53% is at ₹ 638 crore, as compared to ₹ 572 crore for corresponding quarter of the previous year.

 

Net interest income increased by 11.45% to ₹ 915 crore vis-à-vis ₹ 821 crore for corresponding quarter of previous year.

 

Net interest margin stands at 4.07% as compared to 4.10% for the corresponding quarter of the previous year.

 

Cost of deposits has increased by 107 bps and stands at 5.16 % as compared to 4.09% for the corresponding quarter of previous year.

 

Yield on advances grew to 9.76% by 112 bps as compared to 8.64% for the corresponding quarter of the previous year.

 

Commission and fee based income has improved by 13.20% on Y-o-Y basis to ₹ 196 crore from ₹ 173 crore for corresponding quarter of the previous year.

 

Operating expenses for the quarter was ₹ 616 crore as compared to ₹ 491 crore during the corresponding quarter of previous year.

 

Cost to income ratio stands at 49.14% (46.16% for Q2 of previous year).

Comments are closed.