Moneycontrol
Last Updated : Feb 12, 2019 01:21 PM IST | Source: Moneycontrol.com

Karur Vysya Bank Q3 profit plunges 70%, asset quality weakens

Asset quality weakened further during December quarter. Gross non-performing assets (NPA) as a percentage of total advances were higher at 8.49 percent against 7.70 percent in previous quarter.

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Private sector lender Karur Vysya Bank's third quarter (October-December) net profit fell sharply by 70.3 percent year-on-year to Rs 21.2 crore, dented by higher provisions and tepid NII growth.

Profit in quarter ended December 2017 stood at Rs 71.5 crore.

Net interest income, the difference between interest earned and interest expended, increased 3.4 percent to Rs 580.8 crore compared to year-ago.

Asset quality weakened further during December quarter. Gross non-performing assets (NPA) as a percentage of total advances were higher at 8.49 percent against 7.70 percent in previous quarter.

Net NPA also turned higher at 4.99 percent in Q3 against 4.41 percent in September quarter.

In absolute term, gross NPAs were higher by 9.4 percent sequentially at Rs 4,056 crore and net NPAs by 12 percent at Rs 2,296 crore for December quarter.

Provisions and contingencies increased by 23.3 percent year-on-year to Rs 400.4 crore in quarter ended December 2018, and the same jumped 88 percent sequentially.

During the quarter, other income (non-interest income) grew by 15.6 percent year-on-year to Rs 260 crore and operating profit rose by 0.9 percent to Rs 425 crore.

At 13:13 hours IST, the stock was quoting at Rs 81.85, down Rs 3.40, or 3.99 percent on the BSE.
First Published on Feb 12, 2019 01:21 pm
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