Ace Investor: This Rakesh Jhunjhunwala-backed private sector bank has rallied more than 30% in July 2022

Ace Investor:Ace Investor: This Rakesh Jhunjhunwala-backed private sector bank has rallied more than 30% in July 2022

Indian Market
by 5paisa Research Team Last Updated: Dec 13, 2022 - 09:07 pm 20.2k Views

The Group B private sector bank also reported robust Q1FY23 results. 

Karur Vysya Bank is engaged in providing a wide range of banking and financial services including commercial banking and treasury operations. 

Financial performance Q1 FY 2022-23: 

Net profit for the quarter grew by 110% and stood at Rs 229 crore from Rs 109 crore during Q1 of the previous year. The operating profit for the quarter was Rs 475 crore as compared to Rs 412 crore, registering a growth of 15.29%. 

Net interest income for the quarter improved by 17% to Rs 746 crore for the current quarter vis-à-vis Rs 638 crore for Q1 of the previous year. 

Total business as of 30 June 2022 stood at Rs 1,30,780 crore, registering a Y-o-Y growth of 12.05% i.e. up Rs 14,067 crore from Rs 1,16,713 crore. The business has grown by Rs 4,554 crore during Q1, from a level of Rs 1,26,226 crore as of 31.03.2022. 

Total deposits grew by 11% to Rs 71,168 crore, from Rs 64,398 crore as of the same quarter the previous year. For the quarter under review, the CASA share is up by 118 bps to 36.42% and the CASA deposits are up at Rs 25,916 crore showcasing a growth of 14.23% on a Y-o-Y basis as compared to Rs 22,688 crore reported in the same quarter a year ago. 

As of 30 June 2022, Gross NPA has declined to 5.21% (Rs 3,107 crore) compared to 7.97% (Rs 4,167 crore) a year ago. 

As per the shareholding pattern of Karur Vysya Bank (KVB), Ace Investor, Rakesh Jhunjhunwala, alone holds 3,59,83,516 shares of the bank or a 4.5% stake for the quarter ended March 2022. 

On 29 July 2022, at 1:05 pm, the shares of KVB have rallied 1.82% and the scrip is trading at Rs 58.90. 

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