Karur Vysya Q4 Results: Net profit jumps 58% to Rs 338 cr, lender declares Rs 2 dividend

Tamil Nadu-based lender Karur Vysya Bank Ltd reported a jump of 58 per cent in the net profit to Rs 338 crore for the quarter ended March 2023. It reported a net profit of Rs 261 a year ago in the same period.

The interest earned by the company in the Q4 stood at Rs 1,768 crore in comparison to Rs 1,409 crore in same period last year.

The net interest income (NII) rose to 26 per cent to Rs 893 crore from Rs 710 crore year-on-year (YoY).

The total expenditure also increased to Rs 1,430 crore in FY23 from Rs 1,173 crore in FY22. The total income stood at Rs 2,169 crore in Q4 from Rs 1,614 crore in the same period a year ago.

The board of directors of Karur Vysya Bank recommended a dividend of Rs 2 per equity share of face value Rs 2 each, for the financial year ended March 31, 2023. The dividend is subject to approval of the shareholders at the ensuing Annual General Meeting (AGM) of the bank.

KVB's income on investment rose marginally from Rs 241 crore in previous year to Rs 292 crore this year. Gross non-performing assets (GNPA) of the company declined to 2.27 per cent in FY23 as compared to 2.70 per cent in FY22, while net NPA dipped to 0.74 per cent in FY23 as against 0.90 per cent in FY22.

The company’s share price closed the Monday trading session 1.19 per cent higher at Rs 97.40 on Monday after the result.

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