Karur Vysya Bank Q1 net profit jumps 45% to ₹756 crore

Karur Vysya Bank reported a 45% rise in net profit for the June quarter, reaching ₹756 crore from ₹520 crore a year earlier. The result was driven by higher net interest income, which climbed 13% to ₹1,200 crore.

Asset quality slipped slightly. Gross non-performing assets rose to 1.48% of total loans from 1.15% in the previous quarter. The bank attributed the increase to slippages in the agriculture and micro, small and medium enterprise segments. Net NPA stood at 0.4% versus 0.28% in the March quarter.

Net interest margin held at 3.86%, flat from the preceding quarter. Total deposits grew 12% year-on-year, while advances rose 13%.

The bank's board declared an interim dividend of ₹2 per share. Karur Vysya Bank trades on the BSE and NSE.