labels: banks & institutions
Karur Vysya Bank plans bonus-rights issuenews
Venkatachari Jagannathan
25 May 2002

Chennai: Karur Vysya Bank, one of the old private banks in India, has posted a net profit of Rs 108.51 crore last fiscal up from Rs 72.05 crore clocked the previous year giving an EPS of Rs 180.85. The board is proposing a dividend of 70 per cent. It is also in the process of completing a 1:1 bonus-cum-rights issue at Rs 50 premium.

The total income of the bank for the year ended 31 March 2002 increased to Rs 587.01 crore as compared with Rs 515.05 crore for the corresponding period previous fiscal.

domain-B's currency converter - check it outDuring a period of softer interest regime the return on net worth has increased to 25.23 per cent from 21.91 per cent, and return on average assets has grown to 2.42 per cent from 1.83 per cent in the previous year. The advances have increased from Rs 2,254.15 crore to Rs 2,460.03 crore.

With the whole banking industry looking at retail financing, Karur Vysya Bank intends to get a share in that pie with its focus on consumer and housing loans. In addition, the bank is focussing on ways and means to increase its fee-based business and cut high-cost deposits. The banks total deposits at the end of the last fiscal stood at Rs 4,180.06 crore up from Rs 3, 615.25 crore a year ago.

The bank is aiming at a deposit position of Rs 5,000 crore and an advances level of Rs 3,000 crore by the end of 2003.

The capital funds of the bank have touched Rs 430.11, while the capital adequacy ratio has reached 16.90 per cent. The book value of the shares has increased to Rs 716.85 from Rs 547.97.


 

 


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Karur Vysya Bank plans bonus-rights issue