The Karur Vysya Bank (KARURVYSYA) Q4 00/01 earnings summary

Executive summary

• FY2000-01 net profit rose to Rs.72.05 crore from Rs.71.14 crore; total income reached Rs.515.05 crore, despite softer yields, weak credit demand and higher recovery challenges.

• Deposits grew 17% to Rs.3,615.25 crore and advances grew 24.72% to Rs.2,254.15 crore, outpacing system non-food credit growth of 14.3%.

Financial highlights

• Total income was Rs.515.05 crore versus Rs.475.83 crore; gross profit was Rs.110.55 crore versus Rs.109.10 crore; net profit was Rs.72.05 crore versus Rs.71.14 crore.

• Interest earned increased to Rs.461.19 crore from Rs.418.03 crore; interest expended rose to Rs.305.74 crore from Rs.281.00 crore.

• Provisions and contingencies totaled Rs.38.50 crore, including tax, NPA provisions and investment depreciation provisions.

Outlook and guidance

• Planned branch openings included Kangeyam, Coimbatore, Chennai and Madurai North in Tamil Nadu, plus Mangalore, Bangalore and Mumbai; further ATMs and a Madurai currency chest were also planned.

• Computerization covered 106 branches and 19 offices, representing about 80% of business; the aim was to reach about 90% by the end of the current fiscal year.