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South Indian Bank's advances rise 11.4%, Karur Vysya Bank reports 16% growth
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economictimes.indiatimes.comSouth Indian Bank on Monday said that its gross advances grew 11.4% year-on-year to Rs 80337 crore while Karur Vysya Bank reported a 16% annual growth to Rs 74460 crore.
The average banking sector credit growth was 16.5% year-on-year as per the latest Reserve Bank of India data available till March 8, 2024.
South Indian Bank's deposits rose 11.2% year-on-year to Rs 1.02 lakh crore. Karur Vysya's deposits mobilisation rose 16.3% to Rs 89113 crore, according to the provision data submitted by the banks to the stock exchanges.
The current and savings account (CASA) ratio for South India Bank' was at 33% against 30.4% for Karur Vysya. CASA is low cost deposits and therefore higher ratios boost banks' net interest margin.
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