Karur Vysya Bank Reports Strong Q2FY24 Results, Stock Surges

Karur Vysya Bank has reported encouraging financial results for the second quarter of the fiscal year 2024 (Q2FY24), highlighting a strong performance across several key metrics that has driven positive sentiment in the market. Following the announcement, the bank’s stock rose by 2%, reaching ₹135.97. This increase aligns with observations of a significant price rise over the past six months.

The bank experienced a notable 15.3% growth in advances, totaling ₹70,446 crore, indicating robust revenue growth. Deposits also saw a commendable rise of 13.2%, amounting to ₹83,068 crore. These favorable results contributed to a substantial increase in net profit, which climbed to ₹359 crore. The bank’s consistent improvement in earnings per share underscores its financial resilience.

Moreover, Karur Vysya Bank successfully reduced its gross non-performing assets (NPAs) to 1.99% and net NPAs to 0.59%. Such improvements likely influenced the positive market reaction and the increase in the bank’s stock price. The bank continues to hold a significant position within the industry.

Analyst firm ICICI Securities expressed optimism regarding the bank’s future performance, setting a target stock price of ₹165, reflecting a belief in sustained growth and stability ahead. This outlook is bolstered by the bank’s stock trading near its 52-week high, with expectations of profitability for the year.

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