Karur Vysya Bank hits 52-week high on 14% growth in advances in Q1

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Karur Vysya Bank share price gained over 6 percent on July 3 and hit a 52-week high after the bank reported 14 percent growth in advances and deposits for quarter ended June 30.

The bank's advances stood at Rs 67,105 crore, up 14 percent from the corresponding period in the previous year. The advances have increased 4.6 percent as compared to the previous quarter.

The total deposits stood at Rs 80,715 crore for the period against Rs 70,961 crore in the preceding year, the bank stated in an exchange filing. The deposits have risen 13.8 percent on year-on-year.

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At 11:30 am, the stock was quoting at Rs 133.30 on the NSE, up over 6.5 percent from previous close. Trading volumes at the time were over 51 lakh shares.

"The bank’s advances grew by 16.55 percent as at June 30, 2023 over June 30, 2022 without considering technical written off amount of Rs 1532 crore made during the period of June 22 to Mar 23," the exchange filing added.

The aggregate CASA (current account savings account) stood at Rs 26,549 crore for the period under review, a 2.4 percent jump year-on-year (YoY).

Q1 numbers are in-line with what the management has guided for in FY24. The management had guided for 14 percent YoY growth in both loans and deposits for FY24, thereby keeping the loan-to-deposit (LDR) ratio unchanged.

It plans to add 35-40 branches in FY24 versus 10 in FY23. The bank has delivered 1.5 percent RoA (return on assets) for Q4FY23 and aims to maintain similar returns going ahead.

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