Karur Vysya Bank results for fourth quarter out

CHENNAI: Karur Vysya Bank has announced its results for the quarter/year ended March 31, 2024. The Bank continues its healthy performance in terms of profitability as well as asset quality. Ramesh Babu B, MD-CEO, said, “The Bank continues its strong growth momentum, consistency in asset quality and profitability. Credit cost for FY24 was at a new low at 65 bps. We are now on the path to sustained growth momentum with various enablers in place.” He added, “We have delivered our highest ever annual net profit of Rs 1,605 cr for the FY 23-24. Credit Cost has improved on the back of continued strong asset quality, with GNPA and NNPA at 1.40% and 0.40% respectively. Broad based business growth coupled with core revenue profile has yielded in higher ROA, currently at 1.63% for the year and 1.76% for the quarter. Total business as on March 31, 2024 stood at Rs 1,63,536 crore, registering a Y-o-Y growth of 16.1% i.e. up by Rs 22,730 crore from Rs 1,40,806 crore as on March 2023.