Karur Vysya Bank Q2 net dips 24.37%

Private sector lender Karur Vysya Bank has posted a 24.37% dip in its standalone net profit for the second quarter ended September 2019 to ₹63.33 crore compared with the corresponding year-ago period on higher provisioning.

Net interest income improved by ₹17 crore to ₹596 crore and other income rose to ₹278 crore. Operating profit rose 19% to ₹431 crore. Net interest margin declined to 3.46% from 3.57%.

Gross non-performing assets (NPAs) rose to ₹4,391 crore from ₹3,707 crore and in percentage terms, to 8.89% from 7.7%, while net NPAs rose to ₹2,118 crore from ₹2,052 crore and in percentage terms, to 4.5% from 4.41%.

The bank total business increased by 5% to ₹1,11,601 crore. Total advances grew by ₹1,247 crore ₹49,388 crore and total deposits to ₹62,213 crore. CASA deposits stood at ₹18,522 crore with a share of 30%.

Meanwhile, ICICI Lombard has tied up with Karur Vysya Bank to provide the bank’s customers access to its non-life insurance solutions.

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Printable version | Feb 25, 2020 5:02:59 PM |

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