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Friday, February 1, 2013

Karur Vysya Bank net dips 9.5% in Q3

Karur Vysya Bank’s net profit for the quarter ended December 2012 fell 9.51 per cent to Rs 113.04 crore compared with Rs 124.92 crore during the corresponding quarter of the previous fiscal.

“This is due to higher provision of around Rs 101 crore for taxation, increase in NPA (non-performing asset) provision (of around Rs 30 crore) and decline in provision for depreciation on investment,” said K. Venkataraman, Managing Director, KVB.

The bank’s total income during this period however rose 24.51 per cent to Rs 1177.59 crore against Rs 945.77 crore during the corresponding period of the earlier year.

Net interest income grew 31.43 per cent to Rs 308.44 crore (Rs 234.67 crore) and other income up 17.94 per cent to Rs 105.49 crore (Rs 89.44 crore).

Net interest margin rose to 3.20 per cent (3.04 per cent).

Gross NPA fell to 1.29 per cent (1.45 per cent) while the net NPA increased marginally to 0.38 per cent from 0.29 per cent during the corresponding period of the earlier fiscal.

The total business of the bank stood at Rs 62,811 crore, a 19.89 per cent increase from Rs 52,390 crore a year ago. While deposits grew 17.89 per cent, advances growth rate was higher at 22.59 per cent.

Venkataraman further said that the cost to income ratio has remained high because of KVB’s expansion plans.

Source : thehindubusinessline


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