Karur Vysya Bank on Wednesday reported a rise of 18.7% in March quarter net profit at ₹60.02 due to healthy income from retail banking even as bad loans spiked.
The bank clocked a profit of ₹50.56 crore during the corresponding January-March period of 2017-18, as per a regulatory filing.
Total income in the latest quarter rose to₹1,746.04 crore from ₹1,699.53 crore in the year-ago period. Income from retail banking was higher 4.6% to ₹967.23 crore.
For full 2018-19 financial year, the bank posted a decline of 39% in net profit at₹210.87 crore as against ₹345.67 crore in 2017-18, it said.
Income during the year increased to₹6,778.59 crore from ₹6,599.58 crore in 2017-18.
Bank's asset quality deteriorated during the year with gross non-performing assets (NPAs) hitting 8.79% of gross advances as on 31 March 2019, as against 6.56% by end-March 2018.
Net NPAs rose to 4.98% from 4.16%.
In absolute value, gross NPAs were ₹4,449.57 crore by end of 2018-19, compared to₹3,015.76 crore a year ago. Net NPAs amounted to ₹2,420.34 crore as against₹1,862.83 crore earlier.
Even though bad assets were on the rise, the provision for bad loans and contingencies for March 2019 quarter came down to ₹352.34 crore from ₹394.17 crore a year ago.
During March quarter 2019, the bank issued Basel III compliant tier II bonds to the tune of₹487 crore, it said.
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