Reduced burden of bad loans provisioning helped Karur Vysya Bank (KVB) report a 59 per cent jump in net profit at Rs 73 crore in the first quarter ended June 30, 2019 against Rs 46 crore in the year ago period.
The private sector bank's provisioning towards bad loans was 22 per cent lower at Rs 330 crore in the reporting quarter against Rs 423 crore in the year ago period. Net interest income (interest income less interest expended) was almost unchanged at Rs 584 crore (Rs 583 crore in the year ag period). Other income was up 6 per cent at Rs 270 crore (Rs 255 crore).
Gross non-performing assets increased to 9.17 per cent of gross advances against 8.79 per cent in the preceding quarter. The Bank's provision coverage ratio improved to 59.05 per cent in the June 2019 quarter against 56.50 per cent in the year ago quarter.
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