Business Standard

Karur Vysya Bank biz grows at 14.74% to stand at Rs 1.58 trn for Q3FY24

The lender announced that ICICI Prudential Asset Management Company Limited (ICICI AMC) received approval from the Reserve Bank of India (RBI) to increase its stake

Karur Vysya Bank

Karur Vysya Bank

Aathira Varier Mumbai

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Karur Vysya Bank on Monday recorded a 14.74 per cent year-on-year (Y-o-Y) growth in total business during the third quarter of Financial Year 24 to Rs 1.58 trillion, up from Rs 1.38 trillion in the third quarter of Financial Year 2023.

The total deposits in the period under consideration increased to Rs 85,665 crore, 12.82 per cent higher than Rs 75,932 crore. The total advances rose 17.09 per cent to Rs 72,692 crore from Rs 62,081 crore.

Recently, the lender announced that ICICI Prudential Asset Management Company Limited (ICICI AMC) received approval from the Reserve Bank of India (RBI) to increase its stake. The AMC is allowed to acquire an aggregate holding of up to 9.95 per cent of the paid-up share capital in the bank.

In November, RBI had given its approval to SBI Mutual Fund (SBI MF) for acquiring an aggregate holding of up to 9.99 per cent of the paid-up share capital or voting rights in the bank.

At 1:15 PM, Karur Vysya Bank traded 0.03 per cent down at Rs 170.45 on the National Stock Exchange on Monday.

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First Published: Jan 01 2024 | 3:51 PM IST

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