Shares of Karur Vysya Bank experienced a 3.8 percent rally on Monday, July 03, following its business update for the quarter ending June 30, 2023 (Q1FY24).
The bank reported a notable 13.8 percent growth in its total business, reaching ₹1,47,820 crore compared to ₹1,29,851 crore in the corresponding period of the previous year.
During Monday’s trade, the stock opened at a price of Rs. 126 per share against the previous close of Rs. 124.65 and grew further during the early trading session to touch an intraday high of Rs. 129.50.
It was trading at ₹129.35, up by 3.77 percent, at 11:10 a.m. on the NSE.
The stock touched a 52-week high of Rs. 129.90 on June 16, 2023 and a 52-week low of Rs. 43.70 on July 01, 2022, indicating that at the current level, the stock is trading over 195 percent above its 52-week low and just 0.4 percent below its 52-week high.
The stock has grown over 18 percent in the last one month. Moreover, in the past one year, it has increased by nearly 190 percent. However, the stock yielded a positive return of only 42 percent in the last five years.
As of June 30, 2023, the bank witnessed notable growth in its advances, with a remarkable increase of 16.55% compared to June 30, 2022
It is important to note that this growth does not take into account the technical written-off amount of Rs. 1,532 crore made during the period from June 2022 to March 2023.
Additionally, the total deposits of the bank experienced a significant year-on-year growth of 13.75%, reaching Rs. 80715 crores as of June 30, 2023, in comparison to Rs. 70961 crores recorded as of June 30, 2022.
According to an exchange filing on July 1, the bank disclosed an year-on-year growth of 2.4 percent in the Current Account Savings Accounts (CASA) ratio.
During the specified period, the aggregate amount from CASA reached ₹26,549 crore, representing a 2.4 percent increase compared to the previous year.
Karur Vysya Bank is a scheduled commercial bank, headquartered in Karur in Tamil Nadu, India. The bank is engaged in providing a range of banking and financial services, including commercial banking and treasury operations
According to a MintGenie poll, 14 analysts on an average have a ‘STRONG BUY’ call on the stock.
