Karur Vysya Bank records increase in net profit

Chennai: Private sector Karur Vysya Bank has recorded a 57.6 per cent rise in its net profit for the fourth quarter ending March 31,2017 at Rs 217.56 crore. The Tamil Nadu-based bank had registered net profit at Rs 138 crore during the corresponding quarter of last year.

For the financial year ending March 31, 2017, net profit rose by 6.75 per cent to Rs 605.98 crore from Rs 567.63 crore registered during the year ago period. Total income from operations for the January-March 31, 2017 quarter grew to Rs 1,665.23 crore from Rs 1,536.30 crore, a bank statement said.

For the year ending March 31, 2017, total income from operations went upto Rs 6,404.57 crore from Rs 6,150.21 crore. Net interest income for the fourth quarter ending March 31, 2017 grew by 22.71 per cent to Rs 579.99 crore from Rs 472.65 crore.

Net interest margin rose to 4.05 per cent as on March 31, 2017 from 3.43 per cent registered during same quarter of previous year. For the year ending March 31, 2017, the net interest margin improved to 3.70 per cent from 3.43 per cent registered during year ago period.

The aggregate business stood at Rs 95,135 crore as of March 31, 2017 from Rs 89,555 crore. The bank deposits grew to Rs 53,700 crore as of March 31, 2017 from Rs 50,079 crore registered during year ago period while gross advances increased to Rs 41,435 crore from Rs 39,476 crore.