CHENNAI:
Karur Vysya Bank
on Tuesday saw its first-quarter profit rise 8.75% to Rs 146.35 crore from Rs 134.58 crore after the private lender posted a higher interest income.
Net interest income -- the difference between what the bank makes as interest on its loans and what it pays out on deposits -- increased by 13.71% to Rs 481.12 crore in the first quarter. Net Interest Margin (NIM) -- which measures how successful are a bank's investments -- rose to 3.52% from 3.30% for the same quarter in the year-ago.
The Karur-based lender saw its return on net worth increase to 12.34% from 12.27%. Gross non-performing loans (NPAs) fell to 1.79% from 1.91%, as did net NPA to 0.79% from 0.88%.
The bank saw its business cross the Rs 90,000-crore mark this quarter to stand at Rs 90,096 crore, up 8.71% from last year. Deposits at the bank grew 11.07% to hit Rs 50,715 crore, while advances were up 5.81% to Rs 39,382 crore.
The bank also said it received for the seventh year in succession two awards for digital banking and IT ecosystem management among the small banks from Reserve Bank of India's unit IDRBT (Institute for Development and Research in Banking Technology).
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Rachel Chitra writes for the business section of The Times of Ind...
Read MoreRachel Chitra writes for the business section of The Times of India. She has been tracking the banking and insurance sector for nearly five years.
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