Karur Vysya Bank net profit jumps 58.3 pc to Rs 338 crore

Karur (Tamil Nadu) [India], May 15 : Karur Vysya Bank on Monday posted a 58.3 per cent jump in its net profit to Rs 338 crore for the quarter ended March 31, 2023, against Rs 214 crore in the year-ago period.

The firm said its net interest income (NII) went up 25.7 per cent to Rs 892.6 during the March quarter, against Rs 710 crore in the corresponding quarter the previous year.

Sequentially, gross non-performing assets surged to 2.27 per cent in the quarter under review from 2.70 per cent.

According to a statement from the company, sequentially, its net non-performing asset (NPA) was at 0.74 per cent, against 0.90 per cent in the previous quarter.

The board of directors of Karur Vysya Bank has recommended a dividend of Rs 2 per equity share of face value Rs 2 (i.e., 100 per cent) for the financial year 2022-2023, subject to the approval of the shareholders.

Gross non-performing assets (GNPA) declined to 2.27 per cent in the fourth quarter as compared to 2.70 per cent in Q4FY22.

Net NPA dipped to 0.74 per cent in Q4FY23 as against 0.90 per cent in Q4FY22. The company's share price was trading 1.27 per cent up at Rs 97.57 on BSE.

The Karur Vysya Bank Limited, popularly known as KVB, was set up on 25 July 1916 by M A Venkatarama Chettiar and Athi Krishna Chettiar to capitalise on the previously unexploited market of traders and agriculturists in and around Karur, a town in Tamil Nadu.

The bank later expanded out of Karur in search of additional business opportunities and established a presence across India.