Karur Vysya Bank challenges multiple IT notices, orders before Madras HC

Private sector lender Karur Vysya Bank Ltd on Tuesday (September 23) said it has filed writ petitions before the Madurai Bench of the Madras High Court challenging reassessment proceedings initiated by the Income Tax Department.

The bank disclosed that it had received notices under Section 148 and orders under Section 148A(3) of the Income-tax Act, 1961, from the jurisdictional assessing officer for assessment years 2020-21, 2021-22 and 2022-23. The bank filed its petitions against the orders on Monday, September 22.

Karur Vysya Bank said it believes the matter is not likely to have any material impact on its financial position or operations. The bank stated it has adequate legal grounds to defend the issues involved in reopening the proceedings and does not expect any impact on its financial, operational or other activities.

Also Read: Karur Vysya Bank eyes 13% deposit growth in FY26, sees momentum in retail loans

First quarter results

Karur Vysya Bank reported a 13.5% year-on-year increase in net profit at ₹521 crore for the first quarter of FY26. The lender had posted a net profit of ₹459 crore in the same quarter last year. Net interest income (NII) rose 5.1% YoY, coming at ₹1,080 crore against ₹1,027 crore in Q1FY25.

The bank reported a 15.27% YoY growth in its balance sheet, with total assets standing at ₹1,25,371 crore as of June 30, 2025, compared to ₹1,08,766 crore a year earlier. The bank’s total business reached ₹1,96,024 crore, marking an increase of ₹25,965 crore from ₹1,70,059 crore in the same period last year.

Shares of Karur Vysya Bank Ltd ended at ₹214, up by ₹1.15 or 0.54%, on the BSE today, September 23.

Also Read:Karur Vysya Bank Q1 business update: Stock gains as deposits, advances jump 15%