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Coimbatore
KVB’s net profit up by Rs.146.35 crores
July 26, 2016
The 100-year-old Karur Vysya Bank (KVB) has posted a net profit of Rs.146.35 crores in the first quarter of 2016-2017, as against Rs.134.58 crores during the corresponding period last year, an increase of 8.75 percent.
The aggregate business level crossed the Rs. 90,000 crore mark, to stand at Rs. 90,096 crores, up by 8.71 percent from Rs. 82,879 crores a year ago.
Total deposits recorded a Year-On-Year growth of 11.07 percent to reach Rs. 50,715 crores from Rs. 45,659 crores, while gross advances moved up by 5.81 percent to Rs. 39,382 crores from Rs. 37,220 crores. Net Interest Income increased by 13.71 percent to Rs. 481.12 crores from Rs. 423.10 crores.
The Net Interest Margin (NIM) rose to 3.52 percent from 3.30 percent and Return on Net Worth increased to 12.34 percent from 12.27 percent, Managing Director and CEO of the Bank, K. Venkataraman said in the release.
KVB was recognized by the Institute for Development and Research in Banking Technology (IDRBT) for the seventh year in succession, this time with two awards – Best Bank Among Small Banks for Digital Banking and Best Bank Among Small Banks for Managing IT Ecosystem. This is the second time that the bank is receiving two awards in a year.
