Karur Vysya Bank 9-month net profit dips

Net Profit of Karur Vysya Bank for the nine month period ending December 2016, decreased by 9.59 per cent to Rs 388.42 crore, compared to Rs 429.63 crore the corresponding period last year.
For Third Quarter of 2016-17 Financial year (FY) the net profit decreased by 24.26 per cent to Rs 115.76 crore down from Rs 152.83 crore a year ago.
In its third quarter results announced today, the aggregate business stood at Rs 93,525 crore up from Rs85,208 crore a year ago, while deposits were at Rs 55,066 crore up from Rs 47,336 crore, while gross advances moved to Rs 38,459 crore from Rs 37,872 crore.

The decrease in operating profit for the nine month period was by 10.47 per cent from Rs 976.54 crore to Rs 874. 34 crore, while third quarter, it decreased by 16.51 per cent from Rs 325.57 crore to Rs 271 82 crore.
During the third quarter of this fiscal, Ratio of Gross NPA to Gross Advances increased to 2.66 per cent from 1.91 per cent, while the ratio of Net NPA to Net Advances increased to 1.68 per cent from 0.96 per cent Net Interest Income moved up by 15.49 per cent from Rs 448.20 crore to Rs 517.63 crore during the third quarter and by 14.14 per cent from Rs 1,308.72 crore to Rs 1,493.71 crore during the nine month period.

Net Interest Margin rose to 3.68 per cent from 3.47 per cent in Q 3 of FY 2017.