Sunday, July 14, 2024

Karur Vysya Bank to Open 100 New Branches in Current Financial Year

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Karur Vysya Bank, a private sector bank based in Tamil Nadu, has announced plans to open 100 new branches across the country during the current financial year. This expansion effort was highlighted by the recent inauguration of the bank’s 840th branch in Ayodhya, Uttar Pradesh.

Managing Director and CEO of Karur Vysya Bank, B Ramesh Babu, shared that the bank has already opened 39 new branches this financial year. The bank aims to add about 100 more branches by the end of the period. This move is part of the bank’s strategy to strengthen its presence and reach more customers nationwide.

Managing Director and CEO of Karur Vysya Bank, B Ramesh Babu.

In the previous financial year, Karur Vysya Bank achieved its highest-ever annual net profit of Rs 1,605 crore. The bank also maintained a low net Non-Performing Assets (NPA) ratio of 0.40% as of March 31, 2024. Babu noted that the bank continues to show strong growth, consistency in asset quality, and profitability.

The new branch in Ayodhya was inaugurated by the bank’s Chairperson, Meena Hemchandra. The event was attended by key bank officials, including Directors K S Ravichandran, R Ramkumar, and K G Mohan. This branch is the 35th in the Delhi division, furthering the bank’s reach in the northern region of India.

Karur Vysya Bank’s expansion is aimed at tapping into new markets and serving a broader customer base. The bank’s focus on increasing its branch network is expected to enhance customer accessibility and support its long-term growth objectives.

Karur Vysya Bank new branches.

With its ambitious plan to open 100 new branches, Karur Vysya Bank is set to significantly expand its footprint across India. This growth strategy, combined with its strong financial performance, positions the bank for continued success and increased market presence.

By broadening its reach and maintaining high standards in asset quality and profitability, Karur Vysya Bank is poised to offer better services to its customers and achieve new milestones in the banking sector.

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