Page 2 - Karur Vysya Bank

Karur Vsysa Bank raises lending rate by 0.15%, to be effective from Aug 14

Private sector Karur Vysya Bank announced a hike in benchmark lending rate by 0.15 per cent to 7.75 per cent even as the Reserve Bank left its key interest rates unchanged for the third straight meeting on Thursday. The new rate would be effective from August 14, Karur Vysya Bank said in a regulatory filing. The External Benchmark Rate - Repo linked (EBR-R) of the bank would be revised from 9.60 per cent to 9.75 per cent, it said. The Monetary Policy Committee (MPC) has decided to keep the policy repo rate unchanged at 6.50 per cent with preparedness to act, should the situation so warrant, Reserve Bank of India Governor Shaktikanta Das said earlier in the day. "Further, with monetary transmission still underway and headline inflation remaining higher than the 4 per cent target, the MPC decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns with the target, while supporting growth," he said.

Karur Vysya Bank Q1 net surges 57% to Rs 359 cr, sharp improvement in NPAs

Operating profit up 36% to Rs 648 cr, net interest income rises 20% to Rs 897 crore

Karur Vysya Bank Q1 results: Net profit rises 57% to Rs 359 crore

Private sector lender Karur Vysya Bank on Monday reported 57 per cent rise in net profit at Rs 359 crore for June quarter due to decline in bad loans and increase in interest income. The Tamil Nadu-based lender had posted a net profit of Rs 235 crore in the year-ago period. Total income during the quarter under review increased to Rs 2,216 crore from Rs 1,673 crore in FY23, Karur Vysya Bank said in a regulatory filing. Interest earned by the bank grew to Rs 1,883 crore over Rs 1,474 crore in June quarter a year ago. The bank's asset quality showed improvement as gross Non-Performing Assets (NPAs) declined to 1.99 per cent of gross advances by the end of June 2023, from 5.28 per cent as of June 2022. Similarly, net NPAs or bad loans eased to 0.59 per cent as against 1.93 per cent a year ago. However, Capital Adequacy Ratio of the bank declined 17.67 per cent from 18.98 per cent in the same quarter of FY23.

The ECL model will not dent profits much: Karur Vysya Bank MD & CEO

We will test the waters, ferret out information through our business correspondents, and only then open a branch: B RAMESH BABU, Karur Vysya Bank MD & CEO

Karur Vysya Bank in expansion mode; sets up 800th branch in Chennai

Private sector Karur Vysya Bank on Monday under its expansion drive inaugurated its 800th branch in the city, a top official said. The Tamil Nadu-based lender also inaugurated its digital banking unit on the occasion. "We are delighted to inaugurate our 800th branch and other new branches today, which will provide our customers improved access and proximity to the bank's services," the bank's managing director and CEO B Ramesh Babu said in a statement. TVS Capital Funds Chairman Gopal Srinivasan formally inaugurated the 800th branch in Anna Nagar East, Chennai today. The first Digital Banking Unit (DBU) works completely on digital mode and customers would be able to open their savings account, get their welcome kit along with debit cards and can also apply for retail loans. On the unveiling of digital banking unit, Babu said, it is yet another initiative that would not only enhance customer experience but also be environment friendly which is a core focus area of the bank's corpor

Nifty50 index needs to break above 18,500 for fresh breakout

On the downside, 18,100 is expected to provide support in Nifty

Karur Vysya Bank Q4 net profit up 59% at Rs 338 cr, deposits up 12%

Tamil Nadu-based lender says it faced 'an extremely challenging environment'

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

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

Karur Vysya Bank hands over EVs, RO plant to TTD under ESG initiative

Private sector bank Karur Vysya Bank has handed over five electric vehicles and three reverse osmosis water plants worth Rs 70.73 lakh to Sri Venkateswara Institute of Medical Sciences, Tirupati, the Tamil Nadu based bank said on Wednesday. The Bank's chairperson Meena Hemchandra, managing director and CEO B Ramesh Babu handed over the vehicles and RO plants to Tirumala Tirupati Devasthanams' joint executive officer Sada Bhargavi, Sri Venkateswara Institute of Medical Sciences vice chancellor B Vengamma, a press release said. The donation would fulfil the environment sustainability and climate-related objectives under the Bank's environmental, social and governance initiatives, the release said.

Karur Vysya Bank to offer SBI Life Insurance products at its branches

Private sector Karur Vysya Bank has inked a pact with SBI Life Insurance to offer their insurance products to customers at its branches, the bank said on Tuesday. The Tamil Nadu-based bank offers a range of financial services through similar tie-ups with leading service providers. "In an attempt to offer a wider choice to customers in the life insurance sphere, KVB has inked an agreement with SBI Life." the Managing Director and CEO of the bank B Ramesh Babu said. "I am sure that together both of us will be able to provide not just choice but quality options to the customers in the days to come," he said. On the tie-up with Karur Vysya Bank, SBI Life Insurance MD and CEO Mahesh Kumar Sharma, "we look forward to strengthening the financial immunity of Karur Vysya Bank's customers with our life insurance solutions and tech-enabled services." "We are confident that the partnership will further enable us to expand the insurance market across the bank's presence in the country," he add

RBI imposes Rs 30 lakh penalty on Karur Vysya Bank for non-compliance

The RBI on Friday said it has imposed a penalty of Rs 30 lakh on Karur Vysya Bank for non-compliance with certain provisions related to fraud classification and reporting by commercial banks. In a statement, the Reserve Bank said a Select Scope Inspection (SSI) of the bank was conducted by it from February 21, 2022, to March 4, 2022. An examination of the SSI report and all related correspondence pertaining to the same revealed that the bank failed to report a few accounts as frauds to the RBI within a week of the respective Joint Lenders' Forum (JLF) decisions to do so, the central bank said. In furtherance to the same, a notice was issued to Karur Vysya Bank, advising it to show cause as to why a penalty should not be imposed on it for failure to comply with the directions issued by the RBI. After considering the bank's reply, oral submissions and additional submissions made by the bank, the RBI came to the conclusion that the charge of non-compliance with the directions was ...

Karur Vysya Bank Q3 profit surges 56% to Rs 289 cr on decline in bad loans

Karur Vysya Bank on Monday reported a 56 per cent jump in profit at Rs 289 crore for the quarter ended December 2022, helped by a rise in interest income and decline in bad loans. Its net profit stood at Rs 185 crore in the same quarter of the preceding financial year. Total income increased to Rs 2,013 crore in the quarter from Rs 1,600 crore in the year-ago period, the old generation private sector bank said in a regulatory filing. At the same time, interest income rose to Rs 1,695 crore as against Rs 1,405 crore in the same quarter a year ago. On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 2.66 per cent as compared to 6.97 per cent at the end of the third quarter of 2021-22. Net NPAs too eased to 0.89 per cent from 2.55 per cent. Despite a decline in bad loans, provision and contingencies increased more than two-fold to Rs 364 crore as against Rs 146 crore in the same period a year ago. The capital adequacy ra

Equity MFs book gains in October winners amid Rs 6,300 cr net purchases

Coal India, HCL Tech and L&T were among the most-sold stocks by domestic funds in October even as they rallied between 10% and 16%

Karur Vysya Bank net profit up 52% at Rs 250 cr in Q2, deposits grow

NPA declines to Rs 2,457 crore, compared to Rs 3,972 crore a year ago

Karur Vysya Bank re-appoints KG Mohan as board member for 3 yrs

Karur Vysya Bank (KVB) on Thursday said it has re-appointed non-executive independent director KG Mohan for three years on its board. The first term of Mohan was completed on October 11, 2022. He was re-appointed by the board in its meeting on September 22, 2022, for the second term of three years with effect from October 12, 2022, as an additional director under the independent category, the bank said in a regulatory filing. Mohan's re-appointment is subject to the bank's shareholders' approval. Shares of KVB were trading at Rs 82.50 apiece on BSE, down by 0.18 per cent from the previous close.

Banks alert customers about mobile banking malware targeting over 200 apps

This malware captures the credentials when users log into their net-banking apps and access bank accounts

RBL, IDBI Bank surge up to 10%; Karur Vysya, Federal Bank hit 52-week highs

Union Bank of India, Bank of India, Canara Bank, Punjab National Bank, Indian Overseas Bank, Uco Bank, Central Bank of India, and Bank of Baroda from the PSUpack were up 2-5%

Karur Vysya Bank's intention is to grow granular: MD & CEO R Ramesh Babu

'Commercial is the next big segment, and also retail. Retail is 23-24 per cent of the portfolio, out of which 50 per cent is home loan and loan against property'

This pvt sector bank from Jhunjhunwala's portfolio has surged 43% in 1 mth

Karur Vysya Bank gained 4 per cent to Rs 63.35 in intra-day trade on Friday to hit its highest level since December 2019

Karur Vysya Bank Q1 net doubles to Rs 229 cr, interest income up 17%

Operating profit for up 15% YoY, major improvement seen in bad loans