Karur Vysya Bank Q2 net up 11 pc to Rs 84 crore

Private sector Karur Vysya Bank Wednesday reported an increase of 10.7 per cent in its standalone net profit at Rs 83.74 crore for the September quarter.

The bank had posted a net profit of Rs 75.65 crore in the corresponding July-September period of the preceding fiscal ended March 2017.

However, total income of the bank remained flat from a year ago at Rs 1,632.50 crore in July-September 2018-19, Karur Vysya Bank said in a regulatory filing.

There was deterioration on the assets front as gross non-performing assets (NPAs) as on September 30, 2018 rose to 7.70 per cent of the gross advances from 4.83 per cent at end of September 2017.

Net NPAs or bad loans too increased to 4.41 per cent of the net advances from 3.24 per cent a year ago.

In absolute terms, the gross NPAs stood at Rs 3,707.41 crore at end-September 2018 from Rs 2,136.19 crore a year ago. Net NPAs were at Rs 2,051.51 crore as against Rs 1,407.30 crore.

The provisions for bad loans and contingencies came down to Rs 213.14 crore for the second quarter of this fiscal from Rs 321.36 crore in the year ago period.

At the bank's annual general meeting held on August 9, the shareholders approved issue of more than 7.26 crore bonus shares to equity shareholders in proportion of 1:1.

Provision coverage ratio stood at 58.50 per cent as on September 30, 2018, the bank said.