Chennai:
Karur Vysya Bank, one of the old private banks in India,
has posted a net profit of Rs 108.51 crore last fiscal
up from Rs 72.05 crore clocked the previous year giving
an EPS of Rs 180.85. The board is proposing a dividend
of 70 per cent. It is also in the process of completing
a 1:1 bonus-cum-rights issue at Rs 50 premium.
The total income
of the bank for the year ended 31 March 2002 increased
to Rs 587.01 crore as compared with Rs 515.05 crore for
the corresponding period previous fiscal.
During
a period of softer interest regime the return on net worth
has increased to 25.23 per cent from 21.91 per cent, and
return on average assets has grown to 2.42 per cent from
1.83 per cent in the previous year. The advances have
increased from Rs 2,254.15 crore to Rs 2,460.03 crore.
With the whole
banking industry looking at retail financing, Karur Vysya
Bank intends to get a share in that pie with its focus
on consumer and housing loans. In addition, the bank is
focussing on ways and means to increase its fee-based
business and cut high-cost deposits. The banks total
deposits at the end of the last fiscal stood at Rs 4,180.06
crore
up from Rs 3, 615.25 crore a year ago.
The bank is aiming
at a deposit position of Rs 5,000 crore and an advances
level of Rs 3,000 crore by the end of 2003.
The capital funds of the
bank have touched Rs 430.11, while the capital
adequacy ratio has reached 16.90 per cent. The book value of the
shares has increased to Rs
716.85 from Rs 547.97.
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