KARUR VYSYA BANK ANNOUNCES FINANCIAL RESULTS FOR THE QUARTER/NINE MONTHS ENDED 31ST DECEMBER 2024.
Karur Vysya Bank ('the Bank') announced its financial results for the Quarter/nine months ended December 31, 2024 today. The Bank continues its healthy performance in terms of business growth, profitability as well as asset quality.
Highlights:
v Total Business up by 14.93% YOY and 3.32% for the quarter.
v Deposits up by 15.75% YOY and 3.46% for the quarter.
v Loan Book grew at 13.96% YOY and 3.16% for the quarter.
v CASA up by 4.28% YOY, CASA ratio stood at 28.41%.
v PPOP up by 21.15% YOY
v NIM at 4.09%, down by 11 bps YOY.
v Other Income up by 29% YOY.
v Cost to Income Ratio for the period is at 47.06%.
v ROA at 1.74% for the quarter.
v ROE at 17.42% for the quarter.
v GNPA at 0.83%, NNPA at 0.20%.
Capital adequacy ratio (CRAR) stood at 15.91% with CET 1 ratio of 15.03%.
Mr. Ramesh Babu B, Managing Director & CEO, The Karur Vysya Bank said,
We have maintained a strong trajectory of growth in RAM (Retail, Agriculture, and MSME) verticals, continuing the solid start we made at the beginning of the year. I am confident that the same will be maintained going forward.
Our total business crossed ₹1,81,993 crore. The inclusive growth from all the business segments has supported for reaching net profit of ₹1,428 crore for the nine months period"
BALANCE SHEET:
Balance sheet size as of December 31, 2024 was ₹ 1,16,373 crore as against ₹ 1,02,868 crore as of December 31, 2023, a growth of 13.13%.
Total business as on 31st December 2024 stands at ₹ 1,81,993 crore, registering a Y-o-Y growth of 14.93% i.e. up by ₹ 23,636 crore from ₹ 1,58,357 crore as on 31.12.2023.
Total deposits as on 31st December 2024 stands at ₹ 99,155 crore, registering a Y-o-Y growth of 15.75% i.e. up by ₹ 13,490 crore from ₹ 85,665 crore as on 31.12.2023.
Total advances as on 31st December 2024 stands at ₹ 82,838 crore, registering a Y-o-Y growth of 13.96% i.e. up by ₹ 10,146 crore from ₹ 72,692 crore as on 31.12.2023.
FINANCIAL PERFORMANCE – 9M FY 2025:
Net profit for the nine months registered a robust growth of 24.28% and stood at ₹ 1,428 crore from ₹ 1,149 crore during corresponding nine months of the previous year.
PPOP for the nine months increased by 21.15% at ₹ 2,377 crore, as compared to ₹ 1,962 crore for corresponding nine months of the previous year.
Net interest income increased by 12.40% to ₹ 3,163 crore vis-à-vis ₹ 2,814 crore for corresponding nine months of the previous year.
Net interest margin stands at 4.09% down by 11 bps as compared to 4.20% for the corresponding nine months of the previous year.
Cost of deposits has increased by 44 bps and stands at 5.57% as compared to 5.13% for the corresponding nine months of the previous year.
Yield on advances grew to 10.12% by 24 bps as compared to 9.88% for the corresponding nine months of the previous year.
Commission and fee based income has improved by 12.92% on Y-o-Y basis to ₹ 708 crore from ₹ 627 crore for corresponding nine months of the previous year.
Operating expenses for the nine months was ₹ 2,114 crore as compared to ₹ 1,882 crore during the corresponding nine months of the previous year.
Cost to income ratio stands at 47.06% (48.95% for 9M of previous year).
FINANCIAL PERFORMANCE – Q3 FY 2025 vs. Q3 FY2024:
Net profit for the quarter registered a robust growth of 20.39% and stood at ₹ 496 crore from ₹ 412 crore during corresponding quarter of previous year.
PPOP for the quarter increased by 20.56% at ₹ 815 crore, as compared to ₹ 676 crore for the corresponding quarter of the previous year.
Net interest income increased by 7.79% to ₹ 1,079 crore vis-à-vis ₹ 1,001 crore for corresponding quarter of previous year.
Net interest margin stands at 4.03% as compared to 4.32 % for the corresponding quarter of the previous year.
Cost of deposits has increased by 41 bps and stands at 5.66% as compared to 5.25% for the corresponding quarter of previous year.
Yield on advances has stagnated at 10.16% as compared to 10.16% for the corresponding quarter of the previous year.
Commission and fee based income has improved by 3.54% on Q-o-Q basis to ₹ 234 crore from ₹ 226 crore for corresponding quarter of the previous year.
Operating expenses for the quarter was ₹ 731 crore as compared to ₹ 683 crore during the corresponding quarter of previous year.
Cost to income ratio stands at 47.27% (50.27% for Q3 of previous year).
CAPITAL ADEQUACY:
Capital Adequacy Ratio (CRAR) as per Basel III guidelines was at 15.91% as on December 31, 2024 (15.39% as on December 31, 2023) as against a regulatory requirement of 11.50%. Tier 1 was at 15.03% as of December 31, 2024 compared to 13.87% as of December 31, 2023. Risk-weighted Assets were at ₹ 64,756 crore as on December 31, 2024 (₹ 59,531 crore as at December 31, 2023).
ASSET QUALITY:
Gross non-performing assets (GNPA) has improved by 75 bps and stands at 0.83% of gross advances as on December 31, 2024 (₹ 691 crore) vis a vis 1.58% as on December 31, 2023 (₹ 1,152 crore).
Net non-performing assets (NNPA) is below 1% and stands at 0.20% of net advances as on December 31, 2024 (₹ 167 crore), against 0.42% as on December 31, 2023 (₹ 305 crore).
Provision Coverage Ratio (PCR) was at 96.87% as at December 31, 2024, as against 94.81% as at December 31, 2023.
NETWORK:
As of December 31, 2024, the Bank's distribution network stands at 866 branches and 1 Digital Banking Unit and 2,197 ATMs / Cash Recyclers as against 831 branches and 2,251 ATMs / Cash Recyclers as of December 31, 2023. 55% of our branches are in semi-urban and rural areas. In addition, we have 378 business correspondents.
