The shares of Karur Vysya Bank rose almost a percent on Friday, a day after the lender announced its tie-up with SBI Life. The Karur Vysya Bank on Thursday, March 23 said it has tied up with SBI Life Insurance Company, the insurance arm of State Bank of India, as a bancassurance partner. The bank will be selling the latter’s slew of life insurance products in the country.
Under this arrangement, banks earn additional revenue by the sale of insurance products via commission, whereas insurance companies can reach a wider set of customers without increasing their manpower.
The stock price of SBI Life were trading one percent lower at this hour.
Karur Vysya Bank has around 782 branches spread across 20 states and three union territories in the country.
In the December quarter, the bank's profit stood at Rs 289 crore, a 56 percent increase as compared to same quarter a year ago. The lender's advances grew 14 percent in the December quarter, slowest in three quarters.
While clocking a total revenue of Rs 2,013 crore in the quarter, the bank’s NPAs (Non-Performing Assets) declined to 2.66 percent as compared to third quarter of FY22.
In January, the bank reappointed B Ramesh Babu as its MD & CEO.
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