Karur Vysya Bank Q4 results: Net profit rises 58.6% to Rs 338 crore

Karur Vysya Bank, on Monday, posted a consolidated net profit of Rs 338 crore for the March quarter. This is 58.6 per cent rise from Rs 213 crore a year ago, the company statement said.

The board of the bank recommended a dividend of Rs 2 per equity share or 100 per cent on the face value Rs 2 each for the financial year ended March 31, 2023. This is subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the bank, it said.

In a regulatory filing, Karur Vysya Bank said, “the Board of Directors of the Bank at its meeting held today, i.e., May 15, 2023, recommended dividend of Rs 2.00 per equity share on the face value Rs 2/- each (i.e., 100 %) for the financial year ended 31st March 2023.

Karur Vysya Bank said in a BSE filing, “Total income rose to Rs 2,169 crore during Q4 FY23 from Rs 1,615 crore in Q4 FY22.”

The bank’s interest income also increased to Rs 1,768 crore from Rs 1,409 crore in the same period a year ago, the statement added.

The lender's asset quality improved, with gross non-performing assets (NPAs) falling to 2.27 per cent of gross advances as of March 31, 2023, from 6.03 per cent a year ago.

In value terms, gross NPAs of the bank stood at Rs 1,458 crore, down from Rs 3,431 crore. Likewise, net NPAs or bad loans declined to 0.74 per cent (Rs 468 crore) from 2.31 per cent (Rs 1,261 crore).

However, the private sector bank parked aside a higher amount of Rs 293 crore as provisions for bad loans and contingencies for March 2023 quarter against Rs 140 crore put aside for the year-ago quarter.

For the full 2022-23, its net profit surged 64 per cent to Rs 1,106 crore against Rs 673 crore in the previous fiscal, the bank said.

Capital adequacy ratio of the bank declined to 18.56 per cent as against 19.21 per cent at the end of March 2022.

(With inputs from agencies)