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Higher provision for depreciation on investments, bad loans and terminal benefits on wage revision dragged Karur Vysya Bank’s net profit down 37.5 per cent to Rs 82.89 crore in the second quarter of the current fiscal.
The bank’s net profit during the corresponding quarter of the previous fiscal stood at Rs 132.76 crore. Its net interest income increased 4.41 per cent to Rs 298.38 crore (against Rs 285.77 crore).
Net interest margin fell to 2.51 per cent (3.06 per cent).
Total business at the end of the first six months of the current fiscal, however, increased 27.3 per cent to Rs 75,281 crore (Rs 59,121 crore). Deposits were up 29.7 per cent while advances grew 24.27 per cent. Both gross and net NPAs increased to 1.55 per cent (1.26 per cent) and 0.51 per cent (0.32 per cent), respectively.
Source: thehindubusinessline
The bank’s net profit during the corresponding quarter of the previous fiscal stood at Rs 132.76 crore. Its net interest income increased 4.41 per cent to Rs 298.38 crore (against Rs 285.77 crore).
Net interest margin fell to 2.51 per cent (3.06 per cent).
Total business at the end of the first six months of the current fiscal, however, increased 27.3 per cent to Rs 75,281 crore (Rs 59,121 crore). Deposits were up 29.7 per cent while advances grew 24.27 per cent. Both gross and net NPAs increased to 1.55 per cent (1.26 per cent) and 0.51 per cent (0.32 per cent), respectively.
Source: thehindubusinessline
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