Karur Vysya Bank (KVB) on Friday reported a 76.76% drop in its net profit at Rs 50.56 crore crore for the fourth quarter compared to Rs 217.56 crore in the corresponding quarter of previous fiscal, thanks to increased provisoining towards sticky assets.
The bank’s asset quality has taken a beating in the fourth quarter with the gross NPA touching 6.56% compared to 3.58% in the same quarter last fiscal.
Similarly, net NPA was at 4.16% compared to 2.53%. Provisions for bad loans increased 81% year-on-year to Rs 394.17 crore in Q4 FY18 against Rs 217.50 crore, according to a regulatory filing to the stock exchanges. Total income of the bank stood at Rs 1,699.53 crore against Rs 1,665.23 crore, registering a growth of 2%. Capital adequacy ratio, as per Basel-III, was at 14.43%.