Karur Vysya Bank Q2 FY 2021-2022

Highlights of business performance for the quarter/periodended 30.09.2021

• Total business as on 30.09.2021 stands at Rs.1,19,260 crore,registering a Y-o-Ygrowth of 7% i.e. up Rs.7,730 crorefrom Rs. 1,11,530 crore as on 30.09.2020. Total business stood at Rs. 1,16,098 crore as on 31.03.2021.

 

• Gross advances grew by 7% Y-o-Y (Rs.3,442 crore) and stands at Rs.53,850 crore as on 30.09.2021, up from Rs. 50,408 crore a year ago.

 

• Improved credit off take in retail and business segment as well as jewel loan portfolio, backed by digital processing and improved sourcing of loans through various channels, aided the credit growth.

 

• Jewel Loan portfolio registered a Y-o-Y growth of Rs.2,319 crore (21%) and stands at Rs.13,460 crore as on 30.09.2021.

 

• Total deposits grew by Rs.4,288 crore (7%) toRs.65,410 crore, up from Rs. 61,122 crore as of 30.09.2020. Growth was aided through sustained improvement in CASA portfolio and retail term deposits.

 

• CASA share is up at 35.4% from 33.9% a year ago. CASA deposits have grown by 12% on Y-o-Y basis to Rs.23,159 crore as on 30.09.2021(Rs. 20,697 crore a year ago).

 

• As at 30.09.2021, Gross NPA has declined by 55 bps to 7.38% (Rs. 3,972 crore) as compared to 7.93% (Rs. 3,998 crore) a year ago. GNPA as on 31.03.2021 was Rs. 4,143 crore (7.85%).

 

• Net NPA stands at Rs. 1,538 crore (2.99%) as on 30.09.2021. NNPA was Rs. 1,719 crore as on 31.03.2021.
• Provision Coverage Ratio stands at 76.28% (75.19% a year ago).
• Basel III CRAR stands at 18.82% (with CET1 Ratio of 16.79%), up from 18.41% as on 30.09.2020.

 

• Branch and ATM + Cash Recyclers network as on 30.09.2021 stands at 781&2,234 respectively.

Financial performance – Quarter ended 30^thSeptember 2021

• Net profit for the quarter registered a substantial growth of 43.5% and stood at Rs.165crore up from Rs. 115 crore during Q2 of previous year.

 

• Operating profit for the quarter stood at Rs.373 crore –up by Rs. 13 crore from Rs.360 crore for Q2 of the previous year.

 

• Net interest income for the quarter improved by 13.1% to Rs.680 crore for the current quarter vis-à-vis Rs. 601 crore for Q2 of FY 2020-21.
• Net interest margin stands at 3.75%.
• Cost of deposits has reduced further to 4.32% compared to 5.06% during the previous period.
• Yield on advances is at 8.62% (9.26% for Q2 of previous year).
• Fee based income for the quarter (i.e. excluding treasury profit)is at Rs.144 croreas compared to Rs.119 crore during the previous period; treasury profit was lower at Rs. 16 crore (Rs. 120 crore during the same period of previous year)

 

• Operating expenses for the quarter was Rs.470 crore as compared to Rs. 424 crore during Q2of FY 2020-21.

Financial performance – Half-year ended 30^thSeptember 2021

• Net profit for the half year registered a robust growth of 24.5% (Rs. 54 crore) and stood at Rs. 274 crore from Rs. 220 crore during corresponding period of previous year.

 

• Operating profit for the half year at Rs. 783 crore, down from Rs. 817 crore for H1 of the previous year.

 

• Net interest income for the half year increased by 13.3% to Rs. 1,318 crore vis-à-vis Rs. 1,163 crore for H1 of FY 2020-21.
• Net interest margin stands at 3.65% up by 23 bps.
• Cost of deposits has improved by 79 bps and stands at 4.42% as compared to 5.21% during the previous year.
• Yield on advances is at 8.59% as compared to 9.29% during the first half of the previous year.
• Commission and fee based income has improved by 20.8% (Rs. 50 crore) on Y-o-Y basis to Rs. 290 crore from Rs. 240 crore during the previous year.

 

• Operating expenses for the half year was Rs. 899 crore as compared to Rs. 829 crore during first half of FY 2020-21.