Karur Vysya Bank Q1 net profit jumps 45% as bad loans decline

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July 31, 2020 12:30 AM

The net interest income (NII) for the quarter was Rs 562 crore while the net interest margin (NIM) stood at 3.36%. Non-interest income increased 17.4%, from Rs 270 crore to Rs 317 crore, KVB said in a release.

The net NPA improved by 150 bps and dropped to 3.44% as on June 30, from 4.94% a year ago.The net NPA improved by 150 bps and dropped to 3.44% as on June 30, from 4.94% a year ago.

Karur Vysya Bank (KVB) on Thursday reported a 45.2% increase in its net profit to Rs 106 crore for the first quarter of FY21, compared with Rs 73 crore in the corresponding quarter a year ago. Total income stood at Rs 1,693 crore as against Rs 1,762 crore.

The net interest income (NII) for the quarter was Rs 562 crore while the net interest margin (NIM) stood at 3.36%. Non-interest income increased 17.4%, from Rs 270 crore to Rs 317 crore, KVB said in a release.

The net NPA improved by 150 bps and dropped to 3.44% as on June 30, from 4.94% a year ago. In absolute terms, it reduced by Rs 737 crore to Rs 1,585 crore from Rs 2,322 crore as on June 30, 2019. Gross NPA reduced by Rs 455 crore (83 bps) to 8.34% from 9.17% (Rs 4,056 crore as compared to Rs 4,511 crore a year ago). The provision coverage ratio increased by 1369 bps and stood at 72.74%. The Basel III CRAR was at 18.14%, with CET1 ratio being at 16.13%, the release said.

Total business of KVB as on June 30, 2020 stood at Rs 1,08,682 crore, comprising gross advances at Rs 48,617 crore and total deposits of Rs 60,065 crore. CASA share improved by 344 bps to 33.16% while CASA deposits were at Rs 19,913 crore, up by Rs 1,573 crore from a year ago, it added.

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