Karur Vysya Q3 net down 9.5% at Rs 113 cr

This is due to increase in bad loans

Karur Vysya Bank today reported a decline of 9.5% in its net profit at Rs 113.04 crore for the quarter ended December 2012 on account of increase in bad loans.

Its net profit stood at Rs 124.92 crore in the same quarter of the previous fiscal.

The total income of the private sector bank, however, increased to Rs 1,177.59 crore in the third quarter of 2012-13 from Rs 945.77 crore over the corresponding period last year, it said in a filing to the BSE.

The net non-performing assets (NPA) or bad loans of the bank during the quarter increased to 0.38% from 0.29% in 2011-12.

Amount wise, the net NPA stood at Rs 101.79 crore as of December 31, 2012 versus Rs 64.34 crore as of December 31, 2011.

For the nine-months ended December 2012, net profit of the bank was at Rs 391.74 crore from Rs 354.93 crore a year ago.

Total income during April-December period of 2012-13 rose to Rs 3,411.04 crore from Rs 2,561.25 crore.    

Shares of the bank were trading at Rs 527.50 apiece on the BSE in afternoon trade, down 0.38% from its previous close.