Karur Vysya Q2 profit down 24 pc at Rs 63 cr

Karur Vysya Bank on Friday reported 24.4 per cent decline in September quarter net profit at Rs 63.33 crore due to higher provision for bad loans.

The private sector lender had posted a profit of Rs 83.74 crore in July-September 2018-19.

Total income, however, was up at Rs 1,815.24 crore during the quarter under review as against Rs 1,632.50 crore in the same period of the previous fiscal, the bank said in a regulatory filing.

Gross non-performing assets (NPAs) rose to 8.89 per cent (Rs 4,391.03 crore) of gross advances at September-end 2019 from 7.70 per cent (Rs 3,707.41 crore) by the end of same month a year ago.

Net NPAs or bad loans stood at 4.50 per cent (Rs 2,118.35 crore) as against 4.41 per cent (Rs 2,051.51 crore).

Provisioning for bad loans and contingencies rose to Rs 365.17 crore during September quarter from Rs 213.14 crore in the same period a year ago.

Provision coverage ratio stood at 61.82 per cent by September 30, 2019, the bank said.

Karur Vysya stock was trading at Rs 56.25 on the BSE, up 2.55 per cent from the previous close.