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Coimbatore
KVB’s y-o-y net profits up
January 13, 2016
The Karur Vysya Bank has reported an increase of 34.20 percent in its year-on-year basis in the net profit of third quarter of 2015 financial year, from Rs.113.88 crore to Rs.152.83, crore compared to the last fiscal year.
According to a press release from the bank’s Managing Director and CEO, K, Venkataraman, The net interest income for the third quarter increased by 14.61 percent from Rs.391.07 crore to Rs.448.20 crore, while other income for the third quarter increased by 17.43 per cent from Rs.147.14 crore to Rs.172.78 crore. The operating profits for the third quarter increased by 23.94 percent from Rs.262.69 crores to Rs.325.57 crores.
Explaining the increase in the net profit, he said that it was due to better margins, lower operational expenses and lower provisions. The bank made a total business of Rs. 85,208 crore as on December 31, 2015, an increase of 5.38 per cent from Rs.80,862 crore as on December 2014.
