Karur vysya bank stock return: Experts are looking bullish on the shares of private sector Karur Vysya Bank, which has been sluggish for the last 3 months. On Friday, the last trading day of the week, the bank’s shares closed with a slight decline at Rs 210.10. On July 30, 2024, the share price had reached Rs 232.55. This is the 52-week high of the stock. In October 2023, the stock was at a low of Rs 125.20. This is the 52-week low of the stock.
Experts are bullish
Experts are bullish on Karur Vysya Bank shares. According to domestic brokerage ICICI Securities, this stock can go up to Rs 270. The stock is expected to rise by more than 20% from the current price.
bank loan status
Karur Vysya Bank stock has seen a slowdown in the last two months. It has gained a marginal 2% since July 18, when its June quarter results were announced. The bank has the lowest loan-to-deposit ratio of 83% and the highest liquidity coverage ratio of 185% amid margin pressure and increased regulatory scrutiny. The bank reported 21% and 22% year-on-year growth in retail and commercial loans, respectively, for the June quarter. The bank has taken steps to expand its presence by planning to add more than 100 branches in the current fiscal. Deposits and advances grew 14% and 16%, respectively, on a year-on-year basis.
June quarter results
Karur Vysya Bank’s net profit for the April-June, 2024 quarter rose 27.86 per cent to Rs 458.65 crore. The Tamil Nadu-based bank had posted a profit of Rs 358.63 crore in the same quarter last year. The bank’s profit stood at Rs 2,100.19 crore in the financial year ended March 31, 2024. The bank’s total operating income during the quarter rose to Rs 2,672.88 crore as against Rs 2,216.07 crore in the same period last year. The bank’s distribution network as of June 30, 2024 comprises 840 branches, a digital banking unit and 2,253 ATMs.