Net interest income jumped 13% to Rs 1,001 crore in Q3 FY24 as against Rs 889 crore recorded in Q3 FY23. Net interest margin (NIM) marginally declined to 4.32% in Q3 FY24 as compared to 4.36% reported in the same quarter a year ago.

Operating profit was at Rs 675.9 crore in the December quarter, down 1.89% from Rs 688.95 crore posted in Q3 FY23.

Provisions (other than tax) and contingencies dropped 58.88% year on year to Rs 149.71 crore during the quarter.

On the asset quality front, gross non-performing assets (NPAs) stood at Rs 1,151.86 crore as on 31 December 2023 as against Rs 1674.34 crore as on 31 December 2022.

The GNPA ratio declined to 1.58% as on 31 December 2023 as against 2.70% as on 31 December 2022. The net NPA ratio stood at 0.42% as on 31 December 2023 as compared to 0.90% as on 31 December 2022.

Provision coverage ratio (PCR) stood at 94.81% as on 31 December 2023.

Net advances as on 31 December 2023 was at Rs 71,798 crore, registering a growth of 18%. Deposits jumped 13% YoY to Rs 85,665 crore as on 31 December 2023.

CASA deposits stood at Rs 27,012 crore as on 31 December 2023, up 5%YoY. CASA ratio reduced to 32% as on 31 December 2023 as compared to 34% as on 31 December 2022.

Capital adequacy ratio (CRAR) as per Basel III was at 15.39% as of 31 December 2023 compared to 17.62% as of 31 December 2022.

Return on assets (ROA) and return on equity (ROE) for Q3 FY24 was 1.65% & 17.20% respectively.

During the quarter, revenue from retail banking segment came in at Rs 1,637.35 crore (up 30.10% YoY), treasury segment was at Rs 382.77 crore (up 23.56% YoY), corporate or wholesale banking segment was at Rs 452.65 crore (up 4.75% YoY), while revenue from other banking operations segment was at Rs 244 crore (up 98.37% YoY).

As of 31 December 2023, the bank's distribution network stands at 831 branches and 1 digital banking unit and 2,251 ATMs and cash recyclers as against 789 branches and 2,233 ATMs and cash recyclers as of 31 December 2022. In addition, the bank’s have 150 business correspondents.

Ramesh Babu B, managing director & CEO, The Karur Vysya Bank said, "We have been able to continue to demonstrate our consistent performance in terms of Growth, Profitability and Asset Quality for the third quarter ended 31 st December 2023. Our total business crossed Rs 1,58,357 crore . The inclusive growth from all the business segments has helped us to reach net profit of Rs 1,149 crore for the nine months period and Rs 412 crore for the quarter."

Karur Vysya Bank provides services such as personal, corporate, and agricultural banking and services to NRIs and SMBs.

The scrip hits 52-week high at Rs 187.60 in today’s intraday session.