Karur Vysya Bank has reported a 10.7 per cent increase in its standalone net profit at Rs 83.74 crore for the quarter ended September 30, 2018. It had posted a net profit of Rs 75.65 crore in the corresponding July-September period of the previous fiscal.
According to a BSE filing, total income however remained flat at Rs 1,632.50 crore in July-September 2018-19. There was deterioration on the assets front as gross non-performing assets (NPAs) as on September 30, 2018 rose to 7.70 per cent of gross advances from 4.83 per cent at the end of September 2017.
Net NPAs or bad loans too increased to 4.41 per cent of net advances from 3.24 per cent a year ago. In absolute terms, gross NPAs stood at Rs 3,707.41 crore at end-September 2018 from Rs 2,136.19 crore a year ago. Net NPAs were at Rs 2,051.51 crore against Rs 1,407.30 crore.
Provisions for bad loans and contingencies fell to Rs 213.14 crore during the quarter under review from Rs 321.36 crore in the corresponding period a year ago.
At the bank’s annual general meeting held on August 9, the shareholders have approved issue of over 7.26 crore bonus shares to equity shareholders in the proportion of 1:1. Provision coverage ratio stood at 58.50 per cent as on September 30, 2018.