Karur Vysya Bank registers marginal growth in Q1 PAT to Rs109cr; Stock down 1%

Jewel Loan portfolio registered a yoy growth of Rs3,258cr (32.8%) and stands at Rs13,206cr.

Aug 05, 2021 12:08 IST India Infoline News Service

Karur Vysya Bank
Karur Vysya Bank has released its financial results for the quarter ended June 30, 2021. 

Highlights of business performance for the quarter ended 30.06.2021
  • Total business as on June 30, 2021 stands at Rs1,16,713cr, registering a yoy growth of 7.4% i.e. up Rs8,031cr from Rs1,08,682cr as on 30.06.2020. Business has grown by Rs615cr during Q1, from a level of Rs1,16,098cr as on 31.03.2021.
  • Credit portfolio grew by 8% yoy (Rs3,698cr) and gross advances stands at Rs52,315cr as on 30.06.2021, up from Rs48,617cr (including IBPC of Rs100cr) a year ago.
  • Improvedcredit off take in retail and business segment as well as jewel loan portfolio, backed by digital processing and improved sourcing of loans through various channels, aided thecredit growth.
  • Jewel Loan portfolio registered a yoy growth of Rs3,258cr (32.8%) and stands at Rs13,206cr as on 30.06.2021.
  • Total deposits grew by Rs4,333cr (7%) to Rs64,398cr, up from Rs60,065cr as of 30.06.2020. Growth was aided through sustained improvement in CASA portfolio and retail term deposits.
  • CASA share is up by 208 bps to 35%; CASA deposits are up by Rs2,775cr i.e. a growth of 14% on yoy basis to Rs22,688cr as on 30.06.2021 (Rs19,913cr a year ago).
  • As at 30.06.2021, Gross NPA has declined to 7.97% (Rs4,167cr) as compared to 8.34% (Rs4,056cr) a year ago. GNPA as on 31.03.2021 was Rs4,143cr (7.85%).
  • Net NPA stands at Rs1,845cr (3.69%) as on 30.06.2021 (3.44% a year ago). NNPA was Rs1,719cr as on 31.03.2021.
  • Provision Coverage Ratio stands at 72.40% (72.74% a year ago).
  • Basel IIIcrAR stands at 19.06% (with CET1 Ratio of 17.04%), up from 18.14% as on 30.06.2020.
  • ranch and ATM + Cash Recyclers network as on 30.06.2021 stands at 781 & 2251 respectively (corresponding position was 779 & 2,226 as on 30.06.2020).
Financial performance Q1 FY 2021-22
  • Net profit for the quarter registered a marginal growth and stood at Rs109cr from Rs106cr during Q1 of previous year.
  • Operating profit for the quarter stood at Rs429cr - down by Rs45cr from Rs474cr for Q1 of the previous year.
  • Net interest income for the quarter improved by 14% to Rs638cr for the current quarter vis-à-vis Rs562cr for Q1 of FY 2020-21.
  • Net interest margin stands at 3.55%.
  • Cost of deposits has improved by 84 bps and stands at 4.53% as compared to 5.37% during the previous year.
  • Yield on advances is at 8.55% (9.32% for Q1 of previous year).
  • Non-interest income for the quarter (including treasury profit) is Rs220cr during the current quarter as compared to Rs317cr a year ago due to higher treasury profit at Rs178cr earned during the same period of previous year as compared to Rs35cr during the current period.
  • Commission and fee based income have improved by Rs26cr on yoy basis to Rs147cr from Rs121cr during the previous year.
  • Operating expenses for the quarter was Rs429cr as compared to Rs405cr during Q1 of FY 2020-21.
At around 12:45 PM, Karur Vysya Bank was trading at Rs46.75 per piece down by Rs0.55 or 1.16% on Sensex.

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