Karur Vysya Bank unveiled its financial performance for the September quarter, showcasing positive developments in its net profit and asset quality:
In Q2FY24, Karur Vysya Bank witnessed a substantial increase in net profit, surging to Rs 378 crore from the Rs 250 crore reported in the corresponding period last year. The bank also reported notable improvements in asset quality, with gross non-performing assets (NPA) for the quarter decreasing to 1.73% from 1.99% in the previous quarter. This decline in gross NPA demonstrates the bank’s effective management of non-performing assets, a crucial factor in ensuring financial stability.
Furthermore, Karur Vysya Bank reported an upturn in interest earned during the September quarter, amounting to Rs 1,997 crore, compared to Rs 1,579 crore in the same period the previous year. The bank’s provisions and contingencies for the quarter decreased to Rs 126 crore, down from Rs 227 crore in the previous quarter.
Additionally, Karur Vysya Bank succeeded in reducing its net NPA to 0.47%, down from 0.59% in the previous quarter.
On Monday, Karur Vysya Bank’s shares closed at Rs.138 on the NSE, reflecting a gain of 2.45%.