Private sector lender Karur Vysya Bank Ltd.’s standalone net profit for the fourth quarter ended March more than doubled to ₹213 crore from the year-earlier period.
During the period under review, net interest income grew to ₹710 crore from ₹613 crore. Cost of deposits improved by 51 bps and stood at 4.12%, it said in a statement.
The bank reported net interest margin at 3.79% against 3.46%. Non-interest income (excluding treasury loss of ₹28 crore) was ₹205 crore against ₹169 crore.
Gross non-performing asset declined to 5.96% (₹3,431 crore) from 7.85% (₹4,143 crore.) Net NPA improved by 113 bps and dropped to 2.28%. Provision Coverage Ratio stood at 80.27%.
Total business grew by 8.72% to ₹1,26,226 crore, due to improved offtake in retail and business segment as well as higher growth witnessed in jewel loan portfolio.
The board recommended a dividend of ₹1.60 per share.
