Karur Vysya net profit up by over 50 per cent

Chennai, Oct 31 (UNI) Karur Vysya Bank (KVB) Limited posted a net profit of Rs 42.56 crore for the second quarter of the current fiscal, registering a 54.76 per cent growth against Rs 27.50 crore for the same period last year.

The total interest income went up to Rs 208.95 crore from Rs 161.92 crore, a rise of 29.05 per cent, while interest on advances recorded a growth of 27.46 per cent from Rs 113.87 crore to Rs 145.14 crore, a bank release here said.

Net profit of the Bank for the first half of 2006-07 rose to Rs 80.94 crore as against Rs 65.12 crore for the corresponding half year of the previous fiscal, recording a year on year growth of 24.29 per cent.

The net profit was arrived at after providing for non-performing assets, standard assets and depreciation on investments as per RBI guidelines and other usual and necessary provisions, it said.

Total interest income went up from Rs 314.93 crore to Rs 399.25 crore, a rise of 26.77 per cent. Interest on advances grew by 26.93 per cent to Rs 276.63 crore from Rs.217.94 crore. The bank was able to increase other income from Rs 56.02 crore to Rs 80.50 crore.

The net NPA as a percentage of Net advances stood down at 0.49 per cent as on September 30 as against 1.36 per cent a year ago.

Total deposits of the bank as on September, 30, 2006 stood at Rs 8342.14 crore as against Rs 6544.53 crore, a year ago, recording a growth of 27.47 per cent.

The total advances of the Bank stood at Rs 6101.30 crore, registering a growth of 25.77 per cent over Rs 4851.02 crore a year ago.

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