Private sector lender Karur Vysya Bank Ltd.’s (KVB) standalone net profit for the first quarter ended June 2020 increased by 45% to ₹106 crore. Net interest income stood at ₹562 crore, the bank said in a statement. Net non-performing assets reduced by ₹737 crore to ₹1,585 crore. Gross NPAs reduced by ₹455 crore to 8.34% (₹4,056 crore), according to the bank.
The bank reported total business of ₹1,08,682 crore comprising gross advances of ₹48,617 crore and total deposits of ₹60,065 crore.
As of June 2020, the bank made an aggregate provision of ₹120 crore due to COVID-19 that included an additional provision of ₹31 crore for the current quarter. The provision made by the bank was much more than the requirement, it said.