Private sector lender Karur Vysya Bank has reported a sharp 76.8 percent decline year-on-year in profit at Rs 50.6 crore for the quarter ended March 2018, dented by massive jump in bad loans provisions.
Profit the corresponding quarter of previous fiscal was at Rs 217.6 crore, the banks said in its filing.
Net interest income, the difference between interest earned and interest expended, grew by 10.8 percent to Rs 643 crore compared to year-ago period.
Provisions for bad loans shot up 81 percent year-on-year (up 21 percent sequentially) to Rs 394.2 crore in Q4FY18.
Asset quality weakened further as gross non-performing assets (NPA) for the quarter inched up to 6.56 percent against 5.94 percent in previous quarter. Net NPAs were also higher at 4.16 percent against 3.88 percent in December quarter.
Other income or non-interest income fell 10 percent year-on-year to Rs 208.65 crore and operating profit declined 5.4 percent to Rs 480 crore for March quarter.
Karur Vysya Bank said its gross NPA divergence for the financial year 2016-17 stood at Rs 651 crore and net NPA divergence at Rs 202 crore while the provision divergence for the same year was also at Rs 202 crore.
Net profit after adjusting provision divergence was at Rs 474 crore for FY17 against reported profit at Rs 606 crore.
FY17 gross NPA divergence of Rs 650.9 crore was 1.59 percent of the loan book.
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