Karur Vysya Bank Q1 profit slips 17.5% on higher provisions

Private sector lender Karur Vysya Bank's provisions increased 84 percent sequentially (up 16.35 times Y-o-Y) to Rs 163.2 crore during April-June quarter. Provision coverage ratio was 73.03 percent as on June 30, 2013.
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Aug 06, 2013, 01.24 PM | Source: Moneycontrol.com

Karur Vysya Bank Q1 profit slips 17.5% on higher provisions

Private sector lender Karur Vysya Bank's provisions increased 84 percent sequentially (up 16.35 times Y-o-Y) to Rs 163.2 crore during April-June quarter. Provision coverage ratio was 73.03 percent as on June 30, 2013.

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Karur Vysya Bank Q1 profit slips 17.5% on higher provisions

Private sector lender Karur Vysya Bank's provisions increased 84 percent sequentially (up 16.35 times Y-o-Y) to Rs 163.2 crore during April-June quarter. Provision coverage ratio was 73.03 percent as on June 30, 2013.

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Moneycontrol Bureau

Private sector lender Karur Vysya Bank on Tuesday reported dismal performance during the first quarter (April-June) as the net profit fell 17.5 percent year-on-year to Rs 120.3 crore on sharp jump in provisions despite strong income from its treasury operations.

However, net interest income (NII) grew by 30.3 percent on yearly basis to Rs 331.8 crore on good growth in treasury, corporate and retail operations.

Provisions increased 84 percent sequentially (up 16.35 times Y-o-Y) to Rs 163.2 crore during April-June quarter. Provision coverage ratio was 73.03 percent as on June 30, 2013.

Gross non-performing asset (NPA) jumped 55 basis points Q-o-Q (flat on yearly basis) to 1.51 percent while net NPA rose 13 bps Q-o-Q (up 12 bps Y-o-Y) to 0.50 percent in first quarter.

Gross NPAs balloned 63 percent sequentially (up 24 percent year-on-year) to Rs 466.42 crore during the quarter. Net NPAs soared 42 percent quarter-on-quarter (up 67.4 percent Y-o-Y) to Rs 154.53 crore in April-June quarter.

Capital adequacy ratio (as per Basel III) was 12.52 percent as of June 30.

The stock touched a new 52-week low of Rs 342.50 today. It declined 4.56 percent to Rs 348.10 amid hefty volumes on the BSE, at 12:56 hours IST.

Also Read - Karnataka Bank eyes Rs 78,000 cr business in 2013-14

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