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Karur Vysya Bank Q3 profit dives 70 pc as bad loans mount

Press Trust of India  |  New Delhi 

Vysya Tuesday said the gone by December quarter saw a decline of over 70 per cent in net profit to Rs 21.20 crore as bad loans spiked.

The private sector lender had clocked a profit of Rs 71.49 crore in October-December 2017-18.

Total income went up at Rs 1,702.65 crore in the latest quarter as against Rs 1,647.17 crore in the same period of 2017-18, the said in a regulatory filing.

Gross bad loans spiked to 8.49 per cent of gross advances as at December-end 2018 from 5.94 per cent by December 2017.

In terms of value, gross non-performing assets (NPAs) or bad loans stood at Rs 4,055.73 crore, higher than Rs 2,663.32 crore a year ago.

Net NPAs too rose to 4.99 per cent (Rs 2,295.60 crore) from 3.88 per cent (Rs 1,698.92 crore).

Provision coverage ratio was at 56.09 per cent as at December-end 2018, Vysya said.

Stock of the bank was trading 4.40 per cent down at Rs 81.50 on BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, February 12 2019. 15:20 IST