KVB Q1 profit slips 69% on provisioning

KARUR:15/07/2011:K. Venkataraman, Managing Director and CEO of Karur Vysya Bank beside the mobile ATM vehicle at Karur.R_M_RAJARATHINAM.

Karur Vysya Bank net profit for the first quarter ended June 30 fell 69% to ₹45.91 crore from ₹147.97 crore due to higher provisioning.

During the quarter, gross non-performing assets (NPA), as a percentage of gross advances, increased 7.44% from 4.27% in the year-earlier period. In actual terms, the gross NPA stood at ₹3,563 crore against ₹1,807 crore in the year earlier period. Net NPAs grew 4.50% to ₹2,088 crore against ₹1,189 crore.

Provisions other than tax were ₹422.67 crore, up from ₹233 crore. The provision coverage ratio for June stood at 56.50%.