Bank had crossed historical milestone of total assets of ₹1 Trillion (₹ 1,00,000 cr).
Total Business up by 14.74% YOY and 3.15% for the quarter.
Deposits up by 12.82% YOY and 3.12% for the quarter.
Loan Book grew at 17.09% YOY and 3.19% for the quarter.
CASA up by 4.70% YOY, CASA ratio stood at 31.53%.
Net Profit up by 49.60% YOY.
NIM at 4.20%, up by 9 bps YOY.
Other Income up by 35.88% YOY.
ROA at 1.65% for the quarter.
ROE at 17.20% for the quarter.
GNPA at 1.58%, NNPA at 0.42%.
PCR at 94.81%.
Capital adequacy ratio (CRAR) stood at 15.39% with CET 1 ratio of 13.87%.
Mr. Ramesh Babu B, Managing Director & CEO, The Karur Vysya Bank said, “We have been able to continue to demonstrate our consistent performance in terms of Growth, Profitability and Asset Qualityfor the third quarter ended 31stDecember 2023.Our total business crossed₹1,58,357 cr . The inclusive growth from all the business segments has helped us to reach net profit of ₹ 1,149 cr for the nine months period and₹412cr for the quarter.
Besides numbers, the qualitative changes that we have brought in gives us the confidence of sustained improvement in our performance in the days to come.
We are always mindful of the trust, faith and confidence that our customers and our investors have reposed on us. The momentum would be carried for the exit quarter of this fiscal.
Karur Vysya Bank (‘the Bank’) announced its financial results for the Quarter / Nine months ended December 31, 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 December 31, 2023 was ₹1,02,868 crore as against ₹ 89,013 crore as of December 31, 2022, a growth of15.56%.
Total business as on 31st December2023 stands at ₹1,58,357crore, registering a Y-o-Y growth of 14.74% i.e. up by ₹20,344crore from ₹ 1,38,013 crore as on 31.12.2022.
Total deposits as on 31st December2023 stands at ₹85,665crore, registering a Y-o-Y growth of 12.82% i.e. up by ₹ 9,733crore from ₹ 75,932 crore as on 31.12.2022.
Total advances as on 31st December 2023 stands at ₹72,692crore, registering a Y-o-Y growth of 17.09% i.e. up by ₹ 10,611 crore from ₹62,081 crore as on 31.12.2022.
FINANCIAL PERFORMANCE – 9M FY 2024:
Net profit for the nine months registered a robust growth of49.61% and stood at ₹ 1,149 crore from ₹768 crore during corresponding nine months of the previous year.
PPOP for the nine monthsincreased by 12.95% is at ₹1,962 crore, as compared to ₹1,737 crore for corresponding nine months of the previous year.
Net interest income increased by 14.54% to ₹2,813 crore vis-à-vis ₹2,456 crore for corresponding nine months of the previous year.
Net interest margin stands at 4.20%up by9 bps as compared to 4.11% for the corresponding nine months of the previous year.
Cost of deposits has increased by98 bps and stands at5.13% as compared to 4.15% for the corresponding nine monthsof the previous year.
Yield on advances grew to 9.88% by 116 bps as compared to 8.72% for the corresponding nine months of the previous year.
Commission and fee based income has improved by 14.84% on Y-o-Y basis to ₹627crore from ₹545 crore for corresponding nine months of the previous year.
Operating expenses for the nine months was ₹1,881 crore as compared to ₹1,477 crore during the corresponding nine months of the previous year.
Cost to income ratio stands at48.95% (45.97% for 9M of previous year).
CAPITAL ADEQUACY:
Capital Adequacy Ratio (CRAR) as per Basel III guidelines was at 15.39% as on December31, 2023 (17.62% as on December 31, 2022) as against a regulatory requirement of 11.50%. Tier 1 was at13.87% as of December 31, 2023 compared to 15.79% as of December 31, 2022. Risk-weighted Assets were at₹59,531crore as on December 31, 2023 (₹46,243crore as at December 31, 2022).
ASSET QUALITY:
Gross non-performing assets (GNPA) has improved by 112bps and stands at 1.58%of gross advances as on December 31, 2023 (₹1,152crore)vis a vis2.70% as on December31, 2022 (₹1,674 crore).
Net non-performing assets (NNPA)is below 1% and stands at0.42% of net advances as on December31, 2023 (₹305crore),against 0.90% as on December 31, 2022 (₹550 crore).
Provision Coverage Ratio (PCR) was at 94.81% as at December 31, 2023, as against 90.87% as at December 31, 2022.
NETWORK:
As of December 31, 2023, the Bank’s distribution network stands at831 branches and 1 Digital Banking Unit and2,251 ATMs / Cash Recyclers as against 792 branches and 2,233 ATMs / Cash Recyclers as of December 31, 2022.56% of our branches are in semi-urban and rural areas. In addition, we have150 business correspondents.
FINANCIAL PERFORMANCE – Q3 FY 2024 vs. Q3 FY2023:
Net profit for the quarter registered a robust growth of42.56% and stood at ₹412 crore from ₹289 crore during corresponding quarter of previous year.
PPOP for the quartermarginally came down by 1.89% is at ₹676crore, as compared to ₹689 crore for corresponding quarter of the previous year.
Net interest income increased by12.60% to ₹1,001 crore vis-à-vis ₹889 crore for corresponding quarter of previous year.
Net interest margin stands at 4.32% as compared to 4.36% for the corresponding quarter of the previous year.
Cost of deposits has increased by99 bps and stands at5.25% as compared to 4.26% for the corresponding quarter of previous year.
Yield on advances grew by 102 bps to 10.16% as compared to 9.14% for the corresponding quarter of the previous year.
Commission and fee based income has improved by 22.16% on Y-o-Y basis to ₹226 crore from ₹185 crore for corresponding quarter of the previous year.
Operating expenses for the quarter was ₹683crore as compared to ₹518 crore during the corresponding quarter of previous year.
Cost to income ratio stands at50.27% (42.90% for Q3 of previous year).
