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Thursday, Aug 01, 2002

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KVB net up

Our Bureau

COIMBATORE: Karur Vysya Bank's (KVB) has registered a 13.81 per cent jump in net profit to Rs 22.25 crore during the first quarter of the current fiscal compared to Rs 19.55 crore in the corresponding quarter of the previous year.

Total income was up by Rs 11.70 crore at Rs 147.37 crore (Rs 135.67 crore) and the operating profit moved up marginally to Rs 35.58 crore (Rs 33.93 crore). Deposits witnessed a 17.54 per cent growth to touch Rs 4,098.38 crore, while advances jumped by 21.56 per cent to Rs 2,503.37 crore. The bank is confident of reaching the deposit target of Rs 5,000 crore and advances of Rs 3,000 crore set for the current fiscal.

Dr Samal hoped that the bank plan to mobilise Rs 200 crore by way of both tier I and tier II capital, at Rs 100 crores each, would yield a profit of about Rs 80 crores in the current fiscal.

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