Karur Vysya Bank Posts Robust Q1 Profit Growth

Karur Vysya Bank reported a net profit of Rs 458.65 crore for the April-June 2024 quarter, marking a 27.86% increase. The bank's total income for the period grew to Rs 2,672.88 crore. Managing Director and CEO Ramesh Babu B highlighted strong performance driven by growth, profitability, and asset quality.

Private sector Karur Vysya Bank has reported a net profit of Rs 458.65 crore for the April-June 2024 quarter, marking a 27.86% increase compared to the Rs 358.63 crore net profit recorded in the corresponding quarter of the previous year.

Total income from operations for the quarter grew to Rs 2,672.88 crore, up from Rs 2,216.07 crore in the same period last year. For the fiscal year ending March 31, 2024, the bank's total income stood at Rs 9,862.63 crore, with a net profit of Rs 2,100.19 crore.

Commenting on the financial performance, the bank's Managing Director and CEO, Ramesh Babu B, credited the robust quarterly results to strong growth across all business segments. 'Our performance indicators align with our guidance, and we are seeing consistent and steady growth,' he said. The bank's total business as of June 30, 2024, reached Rs 1,70,059 crore, a year-on-year growth of 15.16% from Rs 1,47,671 crore in the previous year. The bank's network now includes 840 branches, 1 digital banking unit, and 2,253 ATMs.

(With inputs from agencies.)