Karur Vysya Bank net profit down by 24% to Rs 63 crore in Q2

Total advances grew by Rs 1,247 crore from Rs 48,141 crore to Rs 49,388 crore.

Karur Vysya Bank (KVB) has reported a net profit of Rs 63.33 crore for the September quarter of FY20 compared to Rs 83.74 crore a year ago, registering a decrease of 24.37%. Total income stood at Rs 1,815.24 crore compared to Rs 1,632.50 crore, logging a growth of 11.2%. PR Seshadri, MD & CEO, KVB, said the total business increased to Rs 1,11,601 crore as on September 30, 2019, registering a 5% y-o-y growth.

Total advances grew by Rs 1,247 crore from Rs 48,141 crore to Rs 49,388 crore. Total deposits rose by Rs 3,951 crore (7%) from Rs 58,262 crore to Rs 62,213 crore. CASA deposits stood at Rs18,522 crore with a share of 30%. While net interest income improved by Rs 17 crore to Rs 596 crore, non-interest income increased 57.95% from Rs 176 crore to Rs 278 crore. The net interest margin (NIM) of the bank stood at 3.46%.

Gross NPA was at Rs 4,391 crore (8.89%) compared to Rs 3,707 crore (7.7%) and net NPA was at Rs 2,118 crore (4.5%) against Rs 2,052 crore (4.41%).Rs