Karur Vysya Bank Reports Robust Growth in Q3 Profits

Karur Vysya Bank reported a significant profit increase in the July-September 2024 quarter, with net profits up by 25.13%. The bank continues to see growth in its total business and income driven by steady performance across various sectors. Asset quality improvements also contributed to the positive results.

Karur Vysya Bank, a private sector bank based in Tamil Nadu, has reported a 25.13% increase in net profits for the July-September quarter, reaching Rs 473.60 crore. This marks a substantial rise from Rs 378.45 crore in the same quarter last year.

For the six months ending September 30, 2024, the bank's net profits grew by 26.46% to Rs 932 crore. Total income during this quarter soared to Rs 2,856.01 crore, showcasing strong performance in growth, profitability, and asset quality, according to Managing Director and CEO Ramesh Babu B.

The total business of the bank, as of September 30, 2024, climbed 14.74% to Rs 1,76,138 crore. Karur Vysya Bank recorded a Net Interest Income increase of 15.85% during the quarter, contributing to improved asset quality and a growing distribution network.

(With inputs from agencies.)