Karur Vysya Bank posts Rs 109 crore net
Karur Vysya Bank (File/Photo)
Hyderabad: Private sector lender Karur Vysya Bank (KVB) reported a marginal growth in its net profit to Rs 109 crore for the first quarter ended June 30.
The bank had posted a net profit of Rs 106 crore a year ago. The total income of the bank fell to Rs 1,596 crore during Q1FY22 from Rs 1,693 crore in Q1FY21, Karur Vysya Bank said.
However, the bank's net interest income rose by 14 per cent to Rs 638 crore from Rs 562 crore. Its net interest margin stood at 3.55 per cent, KVB said.
The bank said there is an improved credit off-take in the retail and business segment as well as in the jewel loan portfolio, backed by digital processing and improved sourcing of loans through various channels, which aided the credit growth.
Jewel loan portfolio registered 33 per cent year-on-year growth to Rs 13,206 crore as of June 30, it added. Provisions for bad loans and contingencies were trimmed to Rs 264 crore for the quarter, against Rs 337.57 crore in the year-ago period.