Karur vysya bank’s second quarter profit
grew by 10.7 percent year-on-year to Rs 83.7 crore on lower provisions.
However, lower other income and operating income limited profitability.
Net interest
income for the quarter stood at Rs 579.1 crore, a growth of 4.3 percent
compared to Rs 555 crore in same period last fiscal with slow loan growth of 7
percent YoY. Provisions and
contingencies fell sharply at Rs 213.1 crore in quarter ended September 2018,
against Rs 422.7 crore in previous quarter and Rs 321.4 crore in second quarter
of last financial year.
On the asset
quality front, gross non-performing assets (NPA) increased to 7.70 percent
during the quarter against 7.44 percent in June quarter, but net NPA fell to
4.41 percent against 4.50 percent QoQ.
Other income or non-interest income declined 23.7 percent year-on-year to Rs
175.56 crore and operating profit was down 15.37 percent at Rs 361.4 crore in
Q2FY19.
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