Karur Vysya Bank Q1 profit falls 69%

Private sector lender Karur Vysya Bank's first quarter (April-June) net profit dropped sharply by 69 percent year-on-year, dented by higher provisions and weak asset quality.
Profit for the quarter stood at Rs 45.9 crore against Rs 148 crore in same period last fiscal.

Net interest income, thue difference between interest earned and interest expended, grew by 8.4 percent to Rs 583.6 crore compared to Rs 538.6 crore in corresponding period last year.
Profit missed analyst estimates of around Rs 85 crore while net interest income was in line.
On the asset quality front, gross non-performing assets (NPA) as a percentage of gross advances increased to 7.44 percent in June quarter from 6.56 percent in previous quarter. Net NPA were also higher at 4.50 percent against 4.16 percent sequentially.
Provisions for bad loans for the quarter stood at Rs 422.7 crore, which increased 7 percent compared to March quarter and 81 percent compared to June quarter 2017. Provision coverage ratio was unchanged at 56.50 percent quarter-on-quarter.
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