MUMBAI: Tamil Nadu-based old-generation, mid-sized private sector lender Karur Vysya Bank has reported a 28 per cent on-year growth in net income at Rs 459 crore for the June quarter. The better performance is driven by robust fee and interest income coupled with improved asset quality. On the back of an over 16 per cent incremental loan sales, net interest income increased 14.27 per cent to Rs 1,025 crore in the reporting quarter, the Karur, Tamil Nadu-based bank said in a statement Thursday. Gross non-performing assets improved by 67 bps to 1.32 per cent or Rs 1,025 crore from 1.99 per cent in June 2023 or Rs 1,330 crore and the net non-performing assets declined to 0.38 per cent or Rs 294 crore, from 0.59 per cent or Rs 390 crore in June 2023. Due to a spike in the cost of funds, to the tune of 52 bps (one basis point is a hundredth of a per cent), the key profitability gauge net interest margin stands declined by 6 bps to 4.13 per cent in the reporting quarter.

Source: Indian Express July 18, 2024 12:20 UTC