KVB net profit falls 9.51%

Karur Vysya Bank (KVB) net profit dropped 9.51 per cent during the third quarter-ended December 31, 2012 at Rs 113.04 crore against Rs 124.92 crore for the corresponding quarter in the previous financial year. Total income rose 24.51 per cent to Rs 1,177.59 crore from Rs 945.77 crore, a year ago.

Net interest income grew 31.43 per cent to Rs 308.44 crore from Rs 234.67 crore for the corresponding period, on account of higher y-o-y growth in lending as evidenced by an increase in average advances of 30.16 per cent.

Total business stood at Rs 62,811 crore as on December 31, 2012, an increase of 19.89 per cent from Rs 52,390 crore a year ago. Deposits were up 17.89 per cent to Rs 35,493 crore while total advances increased to Rs 27317 crore, reflecting a year-on-year growth of 22.59 per cent.

Gross NPA ratio fell to 1.29 per cent from 1.45 per cent and Net NPA stood at 0.38 per cent as against 0.29 per cent, during the corresponding period last year, with a provision coverage ratio of 75.02 per cent.

Capital adequacy ratio stood at 13.36 per cent (Basel-II), well above the regulatory requirement of nine per cent.