Karur Vysya Bank Achieves ₹1.5 Trillion Business, Posts Substantial Profit in Q2

KARUR VYSYA BANK: On September 30, 2023, Karur Vysya Bank (KVB), one of the country’s leading banks, announced its financial results for the concluded quarter/half-year. The bank has continued to exhibit strong performance in terms of business growth, profitability, and asset quality. On Monday, October 16, 2023, it was revealed that the bank has achieved a historic milestone by crossing the threshold of a total business of ₹1.5 trillion.

On this occasion, Ramesh Babu, the Managing Director and CEO of Karur Vysya Bank, stated, “I am pleased to share that our bank has crossed a historic milestone of ₹1.5 trillion in total business during the last quarter. It has reached ₹1,53,516 crores, surpassing ₹1.25 trillion that we achieved in March 2022, and then another ₹0.25 trillion in a short span of 18 months.”

Achieved a significant milestone

“We have achieved a significant milestone,” Ramesh Babu continued, “in terms of development, profitability, and asset quality for the first quarter ended September 30, 2023, with a consistently strong performance in the highest quarterly net profit, both on the top line and the bottom line. This is a strong and continuous good performance for the first quarter, which is touching an important milestone and preparing a solid foundation for the future.”

He added that they are continuously strengthening their digital capabilities and working on their product and service pipeline to build a strong customer base.

Balance sheet issued by bank

As of September 30, 2023, the size of the balance sheet stood at ₹98,434 crores, which was ₹86,365 crores as of September 30, 2022. This represents a growth rate of 13.97%.

As of September 30, 2023, the total business was ₹1,53,516 crores, which recorded an annual growth rate of 14.15%, which is ₹19,032 crores more than the ₹1,34,484 crores as of September 30, 2022.

As of September 30, 2023, the total deposits with the bank were ₹83,068 crores, reflecting an annual growth rate of 13.17%, which is ₹9,670 crores more than the ₹73,398 crores as of September 30, 2022.

As of September 30, 2023, the total advances with the bank were ₹70,448 crores, which recorded an annual growth rate of 15.32%, amounting to ₹9,362 crores more than the ₹61,086 crores as of September 30, 2022.