Karur Vysya Bank hopes to continue growth momentum in H2

Karur Vysya Bank (KVB) is confident of continuing the current momentum in the next half of the year with regard to deposits and advances, said its MD & CEO B. Ramesh Kumar.

“Bank’s performance indicators are in line with our guidance, and the bank is seeing consistent and steady growth. It is encouraging to note that our team was able to sustain the growth momentum witnessed in the first quarter. And I am confident that the same will continue in the ensuing quarters,” he said during analysts call.

According to him, the bank continued to have another strong quarter of performance (Q2) built on three metrics such as growth, profitability and asset quality. It reported total business of ₹1,76,138 crore, of which deposit accounted for ₹95,839 crore.

“Deposit growth remains one of the key focus areas for the bank. The bank had initiated various strategies for deposit growth, including establishment of sales acquisition channel for both term deposits and current account and savings account,” he said.

On Monday, the private sector lender announced the inauguration of its 850th branch in Chennai by its MD along with five other new branches in Madurai, Nagercoil, Salem Nellore and Vijayawada. About 56% of branches are in rural and semi-urban areas.

KVB offers various digital banking services to its customers. KVB DLite - the mobile banking app witnessed 5.63 million downloads which offers convenience of financial and non-financial services through over 150 features.