Private sector lender Karur Vysya Bank on Monday reported 57 percent rise in net profit at Rs 359 crore for the June quarter due to a decline in bad loans and an increase in interest income.
The Tamil Nadu-based lender had posted a net profit of Rs 235 crore in the year-ago period.
Total income during the quarter under review increased to Rs 2,216 crore from Rs 1,673 crore in FY23, Karur Vysya Bank said in a regulatory filing.
Interest earned by the bank grew to Rs 1,883 crore over Rs 1,474 crore in the June quarter a year ago.
The bank's asset quality showed improvement as gross Non-Performing Assets (NPAs) declined to 1.99 percent of gross advances by the end of June 2023, from 5.28 percent as of June 2022.
Similarly, net NPAs or bad loans eased to 0.59 percent as against 1.93 percent a year ago.
However, the Capital Adequacy Ratio of the bank declined 17.67 percent from 18.98 percent in the same quarter of FY23.
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