Karur Vysya Bank Q1 profit declines by 69% to Rs 459.1 million; NPAs rise

Karur Vysya Bank's net profit in the first quarter dropped by 69 per cent to Rs 459.1 million from Rs 1.48 billion it clocked in the same period last year owing to high provisions.

Gross non-performing assets (NPA), as a percentage of gross advances, has gone up by 7.44 per cent during the quarter ended June, from 4.27 per cent registered in the same quarter of previous year. 

Net NPA grew by 4.50 percent during the quarter as against 2.85 percent a year ago. It stood at Rs Rs 20.88 billion as compared to Rs 11.89 billion. The gross NPA was Rs 35.63 billion as compared to RS 18.07 billion a year ago.

Provisions other than tax for the quarter was Rs 4.22 billion, up by 7.2 per cent compared to the March quarter and 81.06 per cent compared to quarter that ended in June 2017.