BackKarur Vysya Bank Q1 net profit up 10% at ₹135 crore
Karur Vysya Bank had posted a net profit of `122.07 crore
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New Delhi: Private sector Karur Vysya Bank on Friday reported a 10.2% rise in its net profit at ₹ 134.58 crore for the quarter ended June.
It had posted a net profit of ₹ 122.07 crore in the same period of last fiscal. Total income rose by 3.8% in the first quarter of the 2015-16 fiscal to ₹ 1,518.50 crore from ₹ 1,462.44 crore in the corresponding period of last fiscal, the bank said in a filing on the BSE.
However, the asset quality of the bank further slipped during the quarter with gross non-performing assets (NPAs) rising to 1.91% of gross advances in Q1 of FY16 as against 1.3% a year ago.
Likewise, net NPAs or bad loans also moved up to 0.88% from 0.53% in the first quarter of 2014-15. Rise in NPAs resulted in a substantial increase in provisions and contingencies to ₹ 117.65 crore during the first quarter of this fiscal from ₹ 86.42 crore a year ago.
Also, bank’s tax expenses rose multi-fold at ₹ 43.50 crore from ₹ 5 crore in the year-ago period. It also made a provision of ₹ 32.45 crore towards final balance of wage arrears which was effective from November 2012.
South India-based Karur Vysya Bank’s scrips closed 0.71% down at ₹ 477 on BSE on .
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