Karur Vysya Bank reduces NPA, posts higher net

CHENNAI: Karur Vysya Bank on Monday closed Q1FY24 with 56.77 per cent growth in net profit against the corresponding period of the previous year. It had posted a net profit of Rs 359 crore, up from Rs 229 cr in Q1FY23.

The bank’s total income for the period under review was Rs 2,216.07 crore, up from Rs 1,672.60 crore earned during Q1FY23.

The provisions made for the period under review were Rs 159.42 cr, from Rs 154.64 cr made in Q1 of FY23. Its gross NPA improved to Rs 1,329.65 cr as on June 30, 2023 (Rs 3,107.17 cr on June 30, 2022) and net NPA was at Rs 390.02 crore (Rs.1,098.36 crore).