KVB bank doubles its interest income on customers!!
After quarterly results, the stock of this bank has become rocketed, close to 52 weeks' high
The bank's gross non-performing assets (NPAs) also declined to 5.21 percent in the june quarter, from 7.97 percent in the corresponding quarter of the previous fiscal. At the same time, the stock price rose 6 percent to Rs 58.80.After last Monday, the stock price of Karur Vysya bank rose 6 percent on Tuesday. If we look at the trend of the uptrend in the stock price, it has reached near the 52-week high level. Karud Vysya Bank's net profit has more than doubled to Rs 229 crore in the june quarter. In the April-June quarter of the financial year 2021-22, the bank's net profit stood at Rs 109 crore.According to the bank, higher interest income and improvement in interest margins have boosted its profits. Karud Vysya bank said its net interest income also grew 17 percent to Rs 746 crore in the first quarter of the current fiscal. It was Rs 638 crore in the same period a year ago.
The bank's gross non-performing assets (NPAs) also declined to 5.21 percent in the june quarter, from 7.97 percent in the corresponding quarter of the previous fiscal. Provision for bad loans and contingencies declined to Rs 154.64 crore in the june quarter. It was Rs 247.37 crore in the same period a year ago. It has decreased by more than 37 percent.