New Delhi, Nov 14 (PTI) Private sector Karur Vysya Banktoday reported a 40 per cent fall in net profit at Rs 75.65crore for the quarter ending September due to increasedprovisioning for rising bad loans.
The bank had registered a net profit of Rs 126.31 crorein the similar July-September quarter of previous fiscal.
Total income of the bank was at Rs 1,632.50 crore in theJuly-September period of 2017-18, up from Rs 1,610.77 crore inthe same period of 2016-17, the bank said in a regulatoryfiling.
Its gross non-performing assets (NPAs) hit 4.83 per centof the gross loans as on September 30, 2017 as against2.29 per cent till the same period of 2016.
In absolute terms, the gross NPAs were Rs 2,136.19 crore,as against Rs 902.74 crore year ago.
Net NPAs or bad loans too rose to 3.24 per cent (Rs1,407.30 crore) of the net loans by end of September thisyear, from 1.44 per cent (Rs 565.14 crore) in year ago period.
The provision coverage ratio, a parameter that helpsgauge a company's ability to meet its financial obligations,stood at 54.09 per cent as on September 30, 2017.
Karur Vysya Bank stock traded 2.41 per cent lower at Rs125.50 on BSE. PTI KPMMR.
This is unedited, unformatted feed from the Press Trust of India wire.