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Karur Vysya Stock Soared 10% After Robust Q4 Numbers!

17 May 20232 mins read by Angel One
The Bank reported a sharp jump of 59% in net profits to Rs 338 crore for Q4FY23.
Karur Vysya Stock Soared 10% After Robust Q4 Numbers!
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In its latest quarterly results, the private lender Karur Vysya Bank reported a robust jump of 59% YoY in net profits to Rs 338 crore for the quarter ended March 31 from Rs 214 in the same quarter of previous financial year. Meanwhile, the total income for Q4FY23 stood at Rs 2,169 crore as against Rs 1,615 crore in Q4FY22.   

Net Interest Income (NII) was reported at Rs 892.60 crore, a sharp rise of 25.7% YoY from Rs 710 crore a year ago. The strong jump in profitability was attributed to an increase in lender’s asset quality, as Gross Non-Performing Asset (GNPA) declined to 2.27% compared to 2.70% in Q4FY22. Likewise, Net NPA decreased to 0.74% from 2.31% on YoY basis.  

For the whole financial year 2022-23, the net profit soared 64% to Rs 1,106 crore against Rs 673 crore in the previous fiscal, the bank said in its quarterly result.  

Interestingly, the board of directors has recommended a dividend of Rs 2 per equity share of face value Rs 2 i.e., 100% final dividend for the financial year ended 31 March 2023, subject to the approval of the shareholders. The Bank remains committed to focus on retail deposit mobilisation and better cross-sell to fuel its loan growth on the back of revamped investments.  

With this, the KARUR VYSYA shares have zoomed 10% to hit the intraday high of Rs 107.80 on NSE. The stock has surged 144% in the past 1 year, backed by huge volumes. Traders should consider keeping this stock in their watchlist to track its further progress.  

Karur Vysya Bank is a leading private sector bank, headquartered in Karur, Tamil Nadu. Established in 1916, it has a rich heritage of over 100 years and is known for its customer-centric approach, strong financial performance and innovative banking solutions. The bank offers a wide range of banking and financial services to individuals, businesses and corporate clients. 

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