Karur Vysya Banks Q4 Net Up 40%
Money & Banking
Karur Vysya Bank has reported a 40 per cent increase in its net profit for the quarter ended March 2020, up from ₹60 crore to ₹84 crore.
The operating profit was up 8 per cent, at ₹500 crore as against ₹464 crore during the corresponding quarter of the earlier fiscal.
The total income for the quarter grew by ₹57 crore to ₹1,803 crore, while the income for the 12-month period ended March 2020 increased by 5.40 per cent to ₹7,145 crore
Net NPA dropped by over one per cent to 3.92 per cent (₹1,809 crore) from 4.98 per cent (₹2,420 crore), and gross NPA to 8.68 per cent (down by ₹237 crore to ₹4,213 crore) from 11 per cent (₹4,450 crore as on March 31, 2019).
The Net Interest Margin (NIM) stood at 3.44 per cent and the total business at ₹1.07-lakh crore.
The bank’s net profit for the year was up 11 per cent at ₹235 crore (₹211 crore)
PR Seshadri, who was at the bank’s helm as its Managing Director, demitted office on March 31. The hunt for a CEO is on, said KVB sources, adding that a few names have been shortlisted and forwarded to the banking regulator.
Published on
June 24, 2020
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Karur Vysya Bank has reported a 40 per cent increase in its net profit for the quarter ended March 2020, up from ₹60 crore to ₹84 crore.
The operating profit was up 8 per cent, at ₹500 crore as against ₹464 crore during the corresponding quarter of the earlier fiscal.
The total income for the quarter grew by ₹57 crore to ₹1,803 crore, while the income for the 12-month period ended March 2020 increased by 5.40 per cent to ₹7,145 crore
Net NPA dropped by over one per cent to 3.92 per cent (₹1,809 crore) from 4.98 per cent (₹2,420 crore), and gross NPA to 8.68 per cent (down by ₹237 crore to ₹4,213 crore) from 11 per cent (₹4,450 crore as on March 31, 2019).
The Net Interest Margin (NIM) stood at 3.44 per cent and the total business at ₹1.07-lakh crore.
The bank’s net profit for the year was up 11 per cent at ₹235 crore (₹211 crore)
PR Seshadri, who was at the bank’s helm as its Managing Director, demitted office on March 31. The hunt for a CEO is on, said KVB sources, adding that a few names have been shortlisted and forwarded to the banking regulator.
Published on
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill.
In these difficult times, we, at BusinessLine, are trying our best to ensure the newspaper reaches your hands every day. You can also access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all our readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. You can help us by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section.
Our subscriptions start as low as Rs 199/- per month. A yearly package costs just Rs. 999 – a mere Rs 2.75 per day, less than a third the price of a cup of roadside chai..
A little help from you can make a huge difference to the cause of quality journalism!
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