Private sector lender Karur Vysya Bank today reported a 24.25 per cent decline in net profit at Rs 115.76 crore for the third quarter ended December 31, 2016 on account of higher expenses. The bank had reported a net profit of Rs 152.83 crore in the same quarter of the previous fiscal.
The bank’s total income growth during October-December period of current financial year increased 3.67 per cent to Rs 1,581.26 crore, from Rs 1,525.14 crore in the year-ago period.
On the asset quality front, gross non-performing assets (NPAs) or bad loans stood at 2.66 per cent of the total advances compared with 1.91 per cent in the corresponding year-ago period while net NPAs were at 1.68 per cent during the quarter as against 0.96 per cent, in the comparable period a year ago.
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The bank’s expenses went up by 9.15 per cent to Rs 1,309.44 crore in the third quarter from Rs 1,199.57 crore in the corresponding period of the previous fiscal.
Karur Vysya stock was trading 0.64 per cent higher at Rs 86 apiece in the afternoon trade on BSE.