Karur Vysya Bank Q2 results for FY 2022-23

Karur Vysya Bank Q2 results for FY 2022-23
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Chennai, October 25, 2022:  Karur Vysya Bank (‘the Bank’) announced its financial results for the Quarter / Half year ended September 30, 2022 today. The Bank has delivered a consistent robust performance in terms of profitability (highest ever) and asset quality (Net NPA reduced to 1.36% from 2.99% YOY). Reduction in NPA (lowest in last 24 quarters) and higher NIM (highest in last 18 quarters) have resulted in improved profitability.                                                                                    

Highlights of business performance

Total business as on 30th September 2022 stands at Rs. 1,35,460 crore, registering a Y-o-Y growth of 13.58% i.e. up by Rs. 16,200 crores from Rs. 1,19,260 crore as of 30.09.2021. Total business stood at Rs. 1,26,226 crore as of 31.03.2022. The Total business doubled in a decade.

 Credit portfolio grew by ~15% Y-o-Y (Rs. 7,996 crores) and gross advances stand at Rs. 61,846 crores as on 30.09.2022, up from Rs. 53,850 crores a year ago.
Credit off-take continues to improve both Y-o-Y as well as Q-o-Q terms aiding the growth of advances portfolio.
 Jewel Loan portfolio registered a Y-o-Y growth of Rs. 1,992 crore (~15%) and stands at Rs. 15,465 crore as on 30.09.2022 (up from Rs. 13,473 crores a year ago).
Total deposits grew by Rs. 8,204 crore (~13%) to Rs. 73,614 crore, up from Rs. 65,410 crore as of 30.09.2021. CASA portfolio and retail term deposits were growth drivers.
CASA deposits are up at Rs. 25,913 crores i.e. growth of 11.89% on a Y-o-Y basis (Rs. 23,160 crores a year ago).
 Basel III CRAR stands at 18.31% (with CET1 Ratio of 16.42%), 18.82% as on 30.09.2021.
 As of 30.09.2022, Gross NPA has declined to 3.97% (Rs. 2,457 crores) as compared to 7.38% (Rs. 3,972 crore) a year ago. GNPA as of 31.03.2022 was Rs. 3,431 crores (5.96%).
 Net NPA stands at 1.36% (Rs. 819 crore) as on 30.09.2022 (2.99% a year ago – Rs. 1,538 crore).
 The Provision Coverage Ratio stands at 86.94% (76.28% a year ago).
 Branch and ATM + Cash Recyclers network as on 30.09.2022 stands at 792 & 2,238 respectively (corresponding position was 781 & 2,234 as on 30.09.2021).

Financial performance Q2 FY 2022-23 

 Net profit for the quarter grew by 52% and stood at Rs. 250 crores from Rs. 165 crores during Q2 of the previous year.
 Operating profit for the quarter was Rs. 572 crore as compared to Rs. 375 crores for Q2 of the previous year.
 Net interest income for the quarter improved by ~21% (Rs. 141 crores) to Rs. 821 crores for the current quarter vis-à-vis Rs. 680 crores for Q2 of the previous year.
 Net interest margin stands at 4.07% up 33 bps from 3.74% a year ago.
Cost of deposits has improved by 24 bps and stands at 4.08% as compared to 4.32% during the previous year.
Yield on advances is at 8.55% (8.62% for Q2 of previous year).
 Non-interest income for the quarter is Rs. 242 crores during the current quarter as compared to Rs. 165 crores a year ago.
 Fee-based income has improved by Rs. 30 crores on a Y-o-Y basis to Rs. 174 crores from Rs. 144 crores during the previous year.
 Operating expenses for the quarter was Rs. 491 crore as compared to Rs. 470 crore during Q2 of previous year.
 The cost to income ratio stands at 46.16% (55.57% for Q2 of the previous year).

Financial performance – Half-year ended 30th September 2022

 Net profit for the half year registered a robust growth of 74.8% (Rs. 205 crores) and stood at Rs. 479 crores from Rs. 274 crores during the corresponding period of the previous year.
 Operating profit for the half year was at Rs. 1,048 crore, as compared to Rs. 787 crore for H1 of the previous year.
 Net interest income for the half year increased by 18.9% to Rs. 1,567 crore vis-à-vis Rs. 1,318 crore for H1 of FY 2021-22.
 Net interest margin stands at 3.95% up by 30 bps as compared to 3.65% during the first half of the previous year.
 The cost of deposits has improved by 33 bps and stands at 4.09% as compared to 4.42% during the H1 of previous year.
 Yield on advances is at 8.41% as compared to 8.59% during the first half of the previous year.
Commission and fee-based income have improved by 24.5% (Rs. 71 crores) on Y-o-Y basis to Rs. 361 crore from Rs. 290 crore for H1 of the previous year.
 Operating expenses for the half year were Rs. 960 crore as compared to Rs. 899 crore during the first half of FY 2021-22.

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