Karur Vysya Bank has reported a marginal increase in its net profit in Q1 of Rs 122.07 crore against Rs 120.30 crore during the corresponding quarter of the previous fiscal.
But the operating profit slipped from Rs 318.72 crore in Q1 of last fiscal to Rs 213.49 crore at the end of the just ended quarter this fiscal with expenses rising to Rs 1,248.95 crore (Rs 1,110.74 crore).
Lower provisioning, down almost by 50 per cent to Rs 86.42 crore (Rs 163.16 crore), saw the bottom line inch up by Rs 2 crore.
The bank managed to bring down the gross NPA to 1.3 per cent (1.51 per cent), but the net NPA increased slightly from 0.50 per cent during Q1 of 2013 to 0.53 per cent at the end of the quarter ended June 2014.
During the first quarter of 2014, the bank had assigned non-performing financial assets aggregating Rs 32.46 crore (net of provisions) to asset reconstruction companies for an aggregate consideration of Rs 36.62 crore.