KVB cross Rs 1,000 cr net owned funds

Chennai, May 23 (UNI) Karur Vysya Bank (KVB) today claimed a rare distinction of being the first private sector bank in Tamil Nadu anbd the third in the country, to cross the coveted Rs 1,000 crore mark net owned funds.

In a statement here the bank also announced that its net owned funds of Rs 1,063.16 crore for 2006-07 fully comprised of Tier-1 capital only, an increase of Rs 191.52 crore compared to Rs 871.63 crore the previous year.

The bank's net profit during last quarter amounted to Rs 52.88 crore as against Rs 44.37 crore during the corresponding quarter of the previous year, resulting in an increase of 19.18 per cent.

Buoyed by the excellent performance, the Board of KVB proposed one hundred per cent dividend continuously for the fourth year.

Deposits recorded YoY growth of 23.27 per cent, from Rs 7,576.84 crore to Rs 9,340.29 crore, while advances recorded YoY growth of 26.20 per cent from Rs 5,555.44 crore to Rs 7,040.48 crore.

Aggregate business level improved from Rs 13,132.28 crore to Rs 16,380.77 crore, a growth of 24.74 per cent.

The total income of the bank for the year ended 2006-2007 rose to Rs 986.65 crore from Rs 771.45 crore, a 27.88 per cent hike.

During the year under review, the bank was offering structured derivative products including currency options to its customers.

The bank was well equipped to migrate to basel-II regime as all its operations were computerised and the core banking solutions could cater to the varied data requirements of customers.

The bank was targeting to bag deposits worth Rs 12,000 crore and advances Rs 9,000.00 crore by the end of current fiscal, the release added.

Plans were afoot to open branches across the country to have Pan Indian presence.

UNI