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Karur Vysya Bank registering a growth of Rs. 3,939 crore during the first half of FY 2020-21

Karur Vysya Bank today reported results for the quarter and half year ended 30th September 2020.

According to bank  Total business as on 30th September 2020 stands at Rs. 1,11,530 crore, registering a growth of Rs. 3,939 crore during the first half of FY 2020-21 from a level of Rs. 1,07,591 crore as on 31st March 2020.

·         Total advances has grown by Rs. 1,020 crore to Rs. 50,408 crore from Rs. 49,388 crore as on 30.09.2019. Advances stood at Rs. 48,516 crore as on 31.03.2020.

·         Total deposits have also grown during the first half to Rs. 61,122 crore from Rs. 59,075 crore as of 31st March 2020; (position as of 30.09.2019 was Rs. 62,213 crore).

·         CASA share up by 409 bps to 33.86%; CASA deposits up by Rs. 2,175 crore on Y-o-Y basis to Rs. 20,697 crore as on 30th September 2020 growing from a level of Rs. 18,522 crore a year ago.  CASA deposits stood at Rs. 18,507 crore as on 31.03.2020.

·         Basel III CRAR stands at 18.41% (with CET1 Ratio of 16.35%), up from 15.99% as on 30.09.2019 and 17.17% as on 31.03.2020.

·         Net NPA improves by 151 bps and drops to 2.99% as on 30.09.2020 from 4.50% a year ago. In absolute terms, it has reduced by Rs. 690 crore to Rs. 1,428 crore from Rs. 2,118 crore as on 30.09.2019.

·         Gross NPA as on 30th September 2020 improves 96 bps to 7.93% (Rs. 3,998 crore as compared to Rs. 4,391 crore a year ago). Net and Gross NPAs were Rs. 1,809 crore and Rs. 4,213 crore, respectively, as on 31.03.2020.

·         Provision Coverage Ratio stands at 75.19%.

·         Branch and ATM + Cash Recyclers network as on 30th September 2020 stands at 780 & 2,233 respectively (corresponding position was 779 & 2,183 as on 30th September 2019).

Quarter ended 30th September 2020

·         Net profit for the quarter rises by 82.5% to Rs. 115 crore from Rs. 63 crore during Q2 of previous year.

·         Operating profit for the quarter stands at Rs. 449 crore – up by 4% from Rs. 431 crore for Q2 of the previous year.

·         Net interest income for the quarter improves marginally to Rs. 601 crore.

·         Net interest margin improves 11 bps to 3.47%.

·         Non-interest income for the quarter almost flat at Rs. 272 crore.

Half year ended 30th September 2020

·         Net profit for the half-year rises by 61.8% to Rs. 220 crore (Rs. 136 crore during the corresponding period of previous year).

·         Operating profit for the half year ended 30th September 2020 is Rs. 923 crore, up by Rs. 47 crore (5.4%).

·         Net interest income marginally down to Rs. 1,163 crore from Rs. 1,180 crore.

·         Net interest margin for the period 3.42%.

·         Other income for the half year up by 7.5% to Rs. 589 crore.