Karur Vysya Bank shares gain nearly 3.5% after advances jump 17% in March

Shares of Karur Vysya Bank rose as much as 3.45% to hit an intraday high of ₹299.40 on Wednesday, April 1, on the National Stock Exchange (NSE) after the bank informed exchanges about it monthly business update for the month of March. On the BSE, Karur Vysya Bank shares surged as much as 4.36% to hit an intraday high of ₹301.65.

Karur Vysya Bank informed exchanges that its total business jumped 14.92% in March to ₹2,14,409 crore from ₹1,86,569 crore in the same month last year.

The Tamil Nadu-based lender's total advances rose 16.87% to ₹98,743 crore from ₹84,491 crore in the year-ago period and its total deposits surged by 13.31% to ₹1,15,666 crore.

Karur Vysya Bank's total deposits (Excluding Certificate of Deposits) rose 12.33% annually to ₹1,09,868 crore and its CASA came in at ₹31,122 crore, up 11.82%.

Karur Vysya Bank Q3 earnings

Karur Vysya Bank in January reported net profit of ₹690 crore in October-December period, up 39% from ₹496 crore in the year ago period.

The bank's net interest income or difference between interest earned on loans and expended on deposits rose 14.6% to ₹1,239.25 in December quarter from ₹1,081 crore in the same period last year.

The bank's asset quality showed an improvement in December quarter as its gross non-performing assets (NPAs), as a percentage of total advances, came in at 0.71% compared with 0.83% in the year-ago period.

In absolute terms its gross NPA came in at ₹687 crore and net NPA, as a percentage of total advances, came in at 0.19%.

As of 2:28 pm, Karur Vysya Bank shares traded 2.21% higher at ₹295.80, outperforming NIFTY50 index which was up 1.42%.