Karur Vysya Bank Ltd

Karur Vysya Bank Ltd

₹ 210 -0.15%
24 Jun - close price
About

Karur Vysya Bank is engaged in providing a wide range of banking and financial services including commercial banking and treasury operations.[1]

Key Points

Business Segments FY24
1) Retail Banking (64%): [1] Comprises lending of funds and other banking services.
2) Corporate/Wholesale Banking (~18%): Includes all advances to trusts, partnership firms, companies, and statutory bodies not included under Retail Banking.
3) Treasury (17%): Comprises investments in Central and State Government securities, debt instruments of Banks, FIs, equity shares, mutual funds, security receipts, etc., and forward contracts, derivatives, and foreign exchange operations.
4) Other Banking Operations (~1%): Includes para-banking activities like bancassurance, third-party product distribution, demat services, and deposits in RIDF, MSME Funds, etc. [2]

  • Market Cap 16,875 Cr.
  • Current Price 210
  • High / Low 220 / 116
  • Stock P/E 10.5
  • Book Value 107
  • Dividend Yield 0.95 %
  • ROCE 7.50 %
  • ROE 18.7 %
  • Face Value 2.00

Pros

  • Company has delivered good profit growth of 50.2% CAGR over last 5 years

Cons

  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of 7.12% over past five years.
  • Promoter holding is low: 2.20%
  • Contingent liabilities of Rs.13,201 Cr.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.1,659 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Banks Industry: Banks - Private Sector

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Quarterly Results

Figures in Rs. Crores

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Revenue 1,349 1,376 1,398 1,405 1,409 1,474 1,579 1,695 1,768 1,883 1,997 2,139 2,185
Interest 737 738 718 717 699 728 758 806 876 986 1,082 1,138 1,189
603 677 634 627 614 624 718 882 847 741 743 833 1,051
Financing Profit 9 -39 47 60 96 122 104 7 45 156 173 168 -55
Financing Margin % 1% -3% 3% 4% 7% 8% 7% 0% 3% 8% 9% 8% -3%
169 203 163 196 205 199 242 317 401 333 339 358 629
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 178 165 210 255 301 321 345 325 446 489 512 526 574
Tax % 41% 34% 21% 27% 29% 29% 28% 11% 24% 27% 26% 22% 20%
104 109 165 185 213 229 250 289 338 359 378 412 456
EPS in Rs 1.31 1.36 2.07 2.32 2.67 2.86 3.13 3.61 4.21 4.47 4.72 5.12 5.67
Gross NPA % 7.85% 7.97% 7.38% 6.97% 6.03% 5.28% 4.02% 2.70% 2.27% 1.99% 1.73% 1.58% 1.40%
Net NPA % 3.41% 3.69% 2.99% 2.55% 2.31% 1.93% 1.38% 0.90% 0.74% 0.59% 0.47% 0.42% 0.40%
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Revenue 4,242 5,116 5,396 5,443 5,622 5,700 5,816 5,990 5,470 5,588 6,517 8,204
Interest 3,084 3,832 3,930 3,662 3,549 3,402 3,453 3,642 3,111 2,872 3,168 4,395
829 1,378 1,503 1,494 1,887 2,609 2,902 3,112 2,620 2,434 2,965 3,368
Financing Profit 329 -94 -37 288 187 -311 -539 -764 -260 281 384 442
Financing Margin % 8% -2% -1% 5% 3% -5% -9% -13% -5% 5% 6% 5%
453 564 590 707 782 900 963 1,155 919 769 1,159 1,659
Depreciation 56 75 81 83 86 85 101 119 124 119 106 0
Profit before tax 725 395 471 912 883 504 322 272 534 931 1,437 2,100
Tax % 24% -9% 2% 38% 31% 31% 35% 14% 33% 28% 23% 24%
550 430 464 568 606 346 211 235 359 673 1,106 1,605
EPS in Rs 8.00 6.24 5.95 7.25 7.75 4.32 2.64 2.94 4.50 8.42 13.79 19.95
Dividend Payout % 27% 32% 34% 30% 26% 13% 23% 0% 11% 19% 14% 12%
Compounded Sales Growth
10 Years: 5%
5 Years: 7%
3 Years: 14%
TTM: 26%
Compounded Profit Growth
10 Years: 14%
5 Years: 50%
3 Years: 65%
TTM: 45%
Stock Price CAGR
10 Years: 10%
5 Years: 24%
3 Years: 58%
1 Year: 75%
Return on Equity
10 Years: 10%
5 Years: 11%
3 Years: 14%
Last Year: 19%

Balance Sheet

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 107 107 122 122 122 145 160 160 160 160 160
Reserves 2,978 3,219 4,124 4,451 4,914 6,119 6,263 6,440 6,800 7,436 8,424
42,652 47,051 47,591 52,973 55,395 59,284 61,433 60,259 65,807 69,825 78,070
996 1,166 1,315 1,439 1,376 1,393 1,484 1,419 1,857 2,650 3,526
Total Liabilities 46,733 51,543 53,152 58,985 61,808 66,941 69,340 68,278 74,623 80,071 90,179
320 376 395 417 411 475 545 563 518 464 418
CWIP 2 9 17 4 8 53 38 23 21 15 17
Investments 13,837 13,247 12,375 14,443 14,857 15,803 14,882 15,762 16,019 17,216 18,808
32,574 37,911 40,366 44,122 46,532 50,610 53,876 51,929 58,065 62,377 70,936
Total Assets 46,733 51,543 53,152 58,985 61,808 66,941 69,340 68,278 74,623 80,071 90,179

Cash Flows

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
82 1,184 -309 580 1,611 -550 -1,576 2,504 3,366 295 1,217 2,954
-133 -113 -102 -92 -84 -170 549 -1,535 -1,379 -1,594 -1,270 -1,296
-188 -189 482 -346 -74 683 414 -274 -59 -96 -178 -694
Net Cash Flow -239 882 71 143 1,453 -36 -612 696 1,928 -1,394 -231 963

Ratios

Figures in Rs. Crores

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
ROE % 19% 13% 12% 13% 13% 6% 3% 4% 5% 9% 14%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
2.12% 2.12% 2.28% 2.28% 2.28% 2.26% 2.25% 2.24% 2.24% 2.24% 2.22% 2.20%
21.11% 0.00% 0.00% 15.35% 15.43% 16.49% 17.03% 17.93% 17.90% 18.09% 15.61% 15.38%
20.07% 38.61% 36.77% 21.88% 22.75% 25.17% 30.73% 30.80% 32.10% 32.29% 35.16% 36.22%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.01% 0.02% 0.02%
56.70% 59.27% 60.95% 60.49% 59.54% 56.08% 49.98% 49.02% 47.77% 47.38% 47.00% 46.19%
No. of Shareholders 1,84,8781,94,3362,04,0452,02,2522,00,2562,03,8302,07,8782,09,1882,07,6392,22,3162,32,0522,45,953

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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