Karur Vysya Bank increases income and profit
By Our Banking Bureau | 31 Oct 2005
Chennai: Private bankd Karur Vysya Bank Limited has posted a net profit of Rs65.12 crore for the first half of the current fiscal as against Rs.54.54 crore for the corresponding half year of the previous fiscal. The net profit has been arrived at after providing for non-performing assets (NPA), standard assets and depreciation on investments as per RBI guidelines and other usual and necessary provisions.
Total interest income went up from Rs298.75 crore to Rs.314.93 crore. Interest on advances grew by 13.62 per cent to Rs.217.94 crore from Rs.191.82 crore. The bank was able to increase its other income from Rs49.25 crore to Rs56.02 crore on the back of improved treasury and fee-based income.
The total deposits of the bank as on 30.9.2005 stood at Rs6,544.53 crore as against Rs,.5738.38 crore, a year ago. The total advances stood at Rs4851.02 crore. Net NPA as a percentage of net advances stood down at 1.36 per cent as on 30.09.2005 as against 2.16 per cent a year ago. The NPA provision coverage ratio stood improved at 71.63 per cent as on 30.9.2005 as against 64.29 per cent a year ago.
The capital adequacy ratio of the bank is comfortable at 16.83 per cent.