Karur Vysya Bank Q1 net profit more than doubles to ₹229 cr.
The Hindu
Total business increased by 12.05% to ₹1,30,780 crore
Private sector lender Karur Vysya Bank Ltd. standalone net profit for the first quarter ended June 22, rose by 110% to ₹229 crore on account of reduction in non-performing assets (NPA), improved credit off take and stable net interest margin.
Net interest income improved by 17% to ₹746 crore and net interest margin by 27 bps to 3.82%, the lender said in a statement.
Non-interest income contracted by ₹4 crore to ₹199 crore, of which fee based accounted for ₹187 crore, an increase of ₹40 crore.
Gross non-performing asset (NPA) declined to 5.21% (₹3,107 crore) from 7.97% (₹4,167 crore), while net NPA to 1.91% (₹1,098 crore) from 3.69% (₹1,845 crore).
Provisions contracted to ₹154 crore from ₹247 crore. Provision Coverage Ratio rose to 82.74% from 72.40%.
Total business increased by 12.05% to ₹1,30,780 crore, of which total deposits accounted for ₹71,168 crore, up by 11%.
Shares of the bank ₹1.55 or 2.88% to close at ₹55.35 on the BSE Monday.
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