Karur Vysya Eyes Rs 12,000 Cr Deposits

Karur Vysya Bank Limited is targeting a deposits target of Rs 12,000 crore and Rs 9,020 crore in advances by the end of fiscal 2007-08. The leading private bank in the south is optimistic on beating its targets on the back of plans for opening more branches and the thrust on mobilising low-cost deposits, improving its net interest and non interest income. According to the source, the net profit of the bank grew to Rs 160.01 crore from Rs 135.35 crore last year, an increase of 18.22 per cent. Net profit during the last quarter was Rs 52.88 crore, as against Rs 44.37 crore during the corresponding quarter previous year, an increase of 19.18 per cent. The net-owned funds of the bank, which comprised tier 1 capital only, touched Rs 1,063.16 crore. For the year ended March 31, 2007, the bank saw an increase of 22 per cent from the previous year''s Rs 871.63 crore. The capital adequacy ratio stood at 14.51 per cent in spite of robust growth in advances as against the regulatory minimum of 9 per cent.