Business Companies 12 Feb 2019 Karur Vysya Bank Q3 ...

Karur Vysya Bank Q3 profit dives 70 pc as bad loans mount

PTI
Published Feb 12, 2019, 3:26 pm IST
Updated Feb 12, 2019, 3:26 pm IST
The private sector lender had clocked a profit of Rs 71.49 crore in October-December 2017-18.
Total income went up at Rs 1,702.65 crore in the latest quarter as against Rs 1,647.17 crore in the same period of 2017-18, the bank said. (Photo: PTI)
 Total income went up at Rs 1,702.65 crore in the latest quarter as against Rs 1,647.17 crore in the same period of 2017-18, the bank said. (Photo: PTI)

New Delhi: Karur Vysya Bank on Tuesday said the gone by December quarter saw a decline of over 70 per cent in net profit to Rs 21.20 crore as bad loans spiked.

The private sector lender had clocked a profit of Rs 71.49 crore in October-December 2017-18.

 

Total income went up at Rs 1,702.65 crore in the latest quarter as against Rs 1,647.17 crore in the same period of 2017-18, the bank said in a regulatory filing.

Gross bad loans spiked to 8.49 per cent of gross advances as at December-end 2018 from 5.94 per cent by December 2017.

In terms of value, gross non-performing assets (NPAs) or bad loans stood at Rs 4,055.73 crore, higher than Rs 2,663.32 crore a year ago.

Net NPAs too rose to 4.99 per cent (Rs 2,295.60 crore) from 3.88 per cent (Rs 1,698.92 crore).

Provision coverage ratio was at 56.09 per cent as at December-end 2018, Karur Vysya Bank said.

Stock of the bank was trading 4.40 per cent down at Rs 81.50 on BSE.

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Location: India, Delhi, New Delhi




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