Business

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.

Bharat Express English

Recent Posts

PIB Debunks Viral WhatsApp Message On Alleged Social Media & Call Monitoring Rules

The Press Information Bureau (PIB) has declared as false a viral WhatsApp message claiming government…

10 mins ago

Obesity Linked To Alzheimer’s Risk In Adults With Down Syndrome, Study Finds

Obesity, not metabolic syndrome, is linked to higher Alzheimer’s risk in adults with Down syndrome,…

1 hour ago

Amit Shah Approves Rs 1,950 Crore Advance Release To Karnataka And Maharashtra For Flood Relief

The Central Government has allocated substantial financial assistance to various States for disaster response and…

2 hours ago

Our Hearts Are Fuller Than Ever: Parineeti Chopra And Raghav Chadha Welcome Their Baby Boy

Bollywood actress Parineeti Chopra and her husband, politician Raghav Chadha, have become proud parents to…

3 hours ago

WhatsApp Tests Monthly Message Cap To Curb Spam And Unwanted Chats

WhatsApp is preparing to roll out a major update designed to curb spam and unwanted…

4 hours ago

Bullet Discovery At Hyderabad Metro Sparks Police Investigation

A 9 mm bullet was found in a commuter’s bag at Hyderabad’s Moosapet Metro Station,…

5 hours ago