The Hindu Business Line : Karur Vysya Bank net more than doubles

Coimbatore, July 28 Karur Vysya Bank’s net profit more than doubled during the first quarter of 2009-10 at Rs 70.35 crore, against Rs 30.54 crore during the corresponding quarter of the previous fiscal. Bank sources attributed the growth to the performance in treasury operations.

Its operating profit grew 24 per cent to Rs 99.17 crore (Rs 79.95 crore) and total income by 29 per cent to Rs 487.37 crore (Rs 376.40 crore).

Total interest income rose to Rs 406.90 crore (Rs 335.18 crore), registering a 21 per cent growth, and interest on advances grew by 26 per cent to Rs 318.78 crore (Rs 253.93 crore).

Other income almost doubled to Rs 80.47 crore (Rs 41.22 crore).

The bank's net NPA as a percentage of net advances dipped to 0.24 per cent.

The total deposits of the bank crossed the Rs 15,250-crore mark to reached Rs 15,252.62 crore against Rs 13,145.18 crore a year ago, recording a 16 per cent growth.

Total advances were up by 12 per cent at Rs 11,072.58 crore over Rs 9,887.05 crore a year ago.

The bank is aiming to do to reach a business level of Rs 32,200 crore this fiscal and Rs 50,000 crore by the end of March 2012.

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