Karur Vysya Bank announced Q4FY23 & FY23 results: Q4FY23: Net profit for Q4FY23 grew by 58.7% and stood at Rs 338 crore from Rs 213 crore during Q4FY22 Operating profit for Q4FY23 has grown by 67.6% and stood at Rs 739 crore as compared to Rs 441 crore for Q4FY22 Net interest income for Q4FY23 improved by 25.8% and stood at Rs 893 crore for Q4FY23 vis-à-vis Rs 710 crore for Q4FY22 Net interest margin stands at 4.37% up 55 bps from 3.82% a year ago Cost of deposits has increased by 48 bps and stands at 4.61% as compared to 4.13% during Q4FY22 Yield on advances is at 9.55% (8.37% for Q4FY22) Non-interest income for Q4FY23 is Rs 401 crore as compared to Rs 205 crore a year ago Fee-based income has improved by Rs 20 crore at Rs 202 crore from Rs 182 crore during Q4FY22 Operating expense for Q4FY23 was Rs 555 crore as compared to Rs 474 crore during Q4FY22 Cost to income ratio stands at 42.86% (51.80% for Q4FY22) ROA at 1.50% for the quarter and 1.27% YTD ROE at 16.04% for the quarter and 13.13% YTD GNPA at 2.27%, NNPA at 0.74% FY23: Net profit for FY23 registered a robust growth of 64.3% and stood at Rs 1,106 crore from Rs 673 crore during FY22 PPOP for FY23 increased by 51.9% at Rs 2,476 crore, as compared to Rs 1,630 crore for FY22 Net interest income increased by 23.3% to Rs 3,349 crore vis-à-vis Rs 2,716 crore for FY22 Net interest margin stands at 4.18% up by 46 bps as compared to 3.72% during FY22 Cost of deposits has improved by 4 bps and stands at 4.27 % as compared to 4.31% during the FY22 Yield on advances grew to 8.93% by 37 bps as compared to 8.56% during FY22 Commission and fee-based income has improved by 17.8% on a YoY basis to Rs 747 crore from Rs 634 crore for FY22 Operating expenses for FY23 was Rs 2,032 crore as compared to Rs 1,854 crore during FY22 Capital adequacy ratio (CRAR) stood at 18.56% with CET 1 ratio of 16.79% Ramesh Babu B, Managing Director & CEO, Karur Vysya Bank, said, “As a Bank, we have traversed a phenomenal distance in an extremely challenging environment. We have transformed ourselves in line with the evolving business scenario to become more agile, more relevant and totally dedicated to the needs of our customers. We have performed consistently to deliver highest ever annual Net profit of Rs 1,106 crore for the FY 22-23. Credit Cost has improved on the back of continued strong asset quality, with GNPA and NNPA at 2.27% and 0.74% respectively. Broad based business growth coupled with core revenue profile has yielded in higher ROA, currently at 1.27% for the year and 1.50% for the quarter. Inspired by this experience, the team is hopeful of continuing its growth trajectory in the coming year also.” Result PDF
Karur Vysya Bank announced Q3FY23 results: Q3FY23 vs Q3FY22: Net profit for Q3FY23 grew by 56.2% and stood at Rs 289 crore from Rs 185 crore during Q3FY22. Operating profit for Q3FY23 was Rs 689 crore as compared to Rs 401 crore for Q3FY22. Net interest income for Q3FY23 improved by 29.4% (Rs 203 crore) to Rs 889 crore for the current quarter vs Rs 686 crore for Q3FY22. Net interest margin stands at 4.32% up 64 bps from 3.68% a year ago. Cost of deposits has increased by 4 bps and stands at 4.26% as compared to 4.22% during the previous year. Yield on advances is at 9.04% (8.42% for Q3FY22). Non-interest income for Q3FY23 is Rs 317 crore as compared to Rs 196 crore a year ago. Fee based income has improved by Rs 22 crore and stood at Rs 184 crore from Rs 162 crore during the previous year. Operating expenses for Q3FY23 was Rs 517 crore as compared to Rs 481 crore during Q3FY22. Cost to income ratio stands at 42.9% (54.5% for Q3FY22). 9MFY23 vs 9MFY22: Net profit for the period registered a robust growth of 67% and stood at Rs 768 crore from Rs 460 crore during the corresponding period of previous year. PPOP for the period is at Rs 1,737 crore, as compared to Rs 1,189 crore for the corresponding period of the previous year. Net interest income for the nine months increased by 22.5% to Rs 2,456 crore vs Rs 2,005 crore for the corresponding period of FY22. Net interest margin stands at 4.08% up by 42 bps as compared to 3.66% during the corresponding period of the previous year. Cost of deposits has improved by 21 bps and stands at 4.14% as compared to 4.35% during the corresponding period of previous year. Yield on advances grew to 8.63% by 10 bps as compared to 8.53% during the corresponding period of the previous year. Commission and fee based income has improved by 20.6% on YoY basis to Rs 545 crore from Rs 452 crore for the corresponding period of the previous year. Operating expenses for the period was Rs 1,477 crore as compared to Rs 1,380 crore during the corresponding period of FY22. Result PDF