Private sector Karur Vysya Bank today reported a 40% fall in net profit at Rs75.65 crore for the quarter ending September due to increased provisioning for rising bad loans.
The bank had registered a net profit of Rs126.31 crore in the similar July-September quarter of previous fiscal. Total income of the bank was at Rs1,632.50 crore in the July-September period of 2017-18, up from Rs1,610.77 crore in the same period of 2016-17, the bank said in a regulatory filing.
Its gross non-performing assets (NPAs) hit 4.83% of the gross loans as on 30 September, 2017 as against 2.29% till the same period of 2016. In absolute terms, the gross NPAs were Rs2,136.19 crore, as against Rs902.74 crore year ago.
Net NPAs or bad loans too rose to 3.24% (Rs1,407.30 crore) of the net loans by end of September this year, from 1.44% (Rs565.14 crore) in year ago period.
The provision coverage ratio, a parameter that helps gauge a company’s ability to meet its financial obligations, stood at 54.09% as on 30 September, 2017.
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