Karur Vysya Bank shares up 6% as Q1 profit surges 57%

Shares of Karur Vysya Bank (KVB) jumped nearly 6 per cent in Monday's trade after the private lender reported solid results for the June quarter, with improved asset quality. KVB clocked a 56.77 per cent year-on-year (YoY) rise in net profit at Rs 358.63 crore compared with Rs 228.75 crore in the corresponding quarter last year.

Net interest income (NII) for the private lender jumped 20.3 per cent YoY to Rs 897.10 crore compared with Rs 745.80 crore in the same quarter last year. Asset quality improved, with gross NPAs coming in at 1.99 per cent against 2.27 per cent in the March quarter.

In value terms, gross NPAs stood at Rs 1,329.65 crore and Rs 1,458.15 crore in the March and Rs 3,107.17 crore in the same quarter last year, Karur Vysya Bank said. Provisions for the quarter stood at Rs 159.42 crore compared with Rs 293.32 crore in March and 154.64

Following the results, shares of Karur Vyvsa Bank rose 5.56 per cent to Rs 130.95 on BSE. The multibagger stock is up 168 per cent in the last one year. The RBI recently re-appointed B Ramesh Babu, Managing Director and CEO of the Bank for second term of three years with effect from July 29.

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