The Hindu Business Line : KVB net rises 18.8% in Q4

Coimbatore, May 28 Karur Vysya Bank has registered an 18.83 per cent growth in net profit to Rs 83.82 crore for the quarter ended March 2009 against Rs 70.52 crore during the corresponding previous period.

“But the going may not be easy. Interest rates have started to fall and so have the service charges,” said Mr P. T. Kuppuswamy, Managing Director and CEO of KVB.

The bank is targeting a Rs 50,000-crore business in three years. Its aggregate business level has crossed the Rs 25,000-crore mark.

Deposits grew 20.33 per cent to Rs 15,101.39 crore (Rs 12,549.99 crore) while advances rose 10.39 per cent to Rs 10,562.90 crore (Rs 9,568.84 crore). Total income for the year ended March 2009 increased 32.73 per cent to Rs 1,711.30 crore (Rs 1,289.33 crore). Interest income (from advances) rose 32.8 per cent to Rs 1,140.34 crore (Rs 858.16 crore). Non-interest income grew 45 per cent to Rs 265.21 crore (Rs 182.93 crore) and treasury income soared to Rs 93.58 crore (Rs 30.67 crore).

The capital adequacy ratio stood at 14.92 per cent and the percentage of gross NPA to gross advances at 1.95 per cent. The bank’s net NPA is down to 0.25 per cent.

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