Karur Vysya Bank Q4 results: Net profit rises 23% to Rs 104 crore

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NEW DELHI: Private sector on Friday posted practically 23 per cent rise in its internet profit at Rs 104 crore within the final quarter of the fiscal ended March 2021, on account of excellent development in retail loan portfolio in addition to gold mortgage. Provisions for unhealthy loans and contingencies too fell, which helped in profit numbers.

The financial institution had reported a internet profit of Rs 84 crore throughout the identical interval of the previous fiscal 12 months FY20.

Total revenue throughout Q4 FY21, nevertheless, fell to Rs 1,565.78 crore from Rs 1,803.15 crore within the year-ago identical quarter.

For your entire fiscal 12 months 2020-21, its internet profit jumped by about 53 per cent to Rs 359 crore from Rs 235 crore in 2019-20, Karur Vysya Bank mentioned in a regulatory submitting.

Full-year (2020-21) revenue was additionally down at Rs 6,527.07 crore, as towards Rs 7,144.60 crore in FY20.

Bank’s complete enterprise grew by practically 8 per cent to Rs 1.16 lakh crore as of March 31, 2021. The lender mentioned credit score development through the 12 months was larger at 8.87 per cent and gross advances reached Rs 52,820 crore.

“Credit growth resulted from improved offtake in retail and business segment as well as higher growth witnessed in the jewel loan portfolio, backed by digital processing and improved sourcing of loans through various channels,” it mentioned in a launch.

Jewel mortgage portfolio grew by 39 per cent through the 12 months and stands at Rs 12,852 crore at finish of March 2021.

On asset aspect, the financial institution registered decline in gross non-performing property (NPAs) at 7.85 per cent of the gross loans by finish of FY21 from 8.68 per cent by FY20. In worth phrases, the gross NPAs fell to Rs 4,143 crore from Rs 4,213 crore.

Net NPAs or unhealthy loans improved to 3.41 per cent (Rs 1,719 crore) from 3.92 per cent (Rs 1,809 crore), backed by constant follow-up and restoration measures, the financial institution mentioned.

Provisions for unhealthy loans and contingencies for the reported quarter fell to 71.45 crore from Rs 429.27 crore parked apart for the year-ago interval.

The board of administrators of the financial institution has advisable dividend of Rs 0.50 per fairness share for the monetary 12 months ended March 31, 2021, topic to the approval of the shareholders on the ensuing Annual General Meeting (AGM) of the financial institution, it mentioned.

Stock of Karur Vysya Bank closed 2.03 per cent down at Rs 58.05 apiece on the BSE.

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