Karur Vysya Bank Q3 net profit jumps multi-fold to Rs 185 cr

Karur Vysya Bank on Monday reported a multi-fold rise in net profit at Rs 185.48 crore for the quarter ended December 2021, helped by lower provisioning as the bad loans proportion came down.

The bank had registered a net profit of Rs 35 crore in same quarter of the previous year. Sequentially, the profit was up from Rs 165.45 crore in the September 2021 quarter.

However, the private sector lender reported flat growth in its total income at Rs 1,600 crore during October-December 2021-22, as against Rs 1,614 crore in the same period of 2020-21, it said in a regulatory filing.

Interest income rose by 4 per cent to Rs 1,405 crore, but income from other sources fell by 26 per cent to Rs 196 crore.

The South-based lender improved its asset quality, with gross non-performing assets (NPAs) falling to 6.97 per cent of the gross advances as of December 31, 2021, as against 7.37 per cent in the year-ago period.

Net NPAs remained stable at 2.55 per cent, but lower than 2.99 per cent in the September 2021 quarter.

Stock of Karur Vysya Bank closed 3.39 per cent up at Rs 50.30 apiece on BSE.