(Photo: Mint)
(Photo: Mint)

Karur Vysya Bank Q3 profit dives 70% as bad loans mount

  • The private sector lender had clocked a profit of 71.49 crore in October-December 2017-18
  • In terms of value, gross non-performing assets or bad loans stood at 4,055.73 crore, higher than 2,663.32 crore a year ago

NEW DELHI : Karur Vysya Bank Tuesday said the gone by December quarter saw a decline of over 70% in net profit to 21.20 crore as bad loans spiked.

The private sector lender had clocked a profit of 71.49 crore in October-December 2017-18.

Total income went up at 1,702.65 crore in the latest quarter as against 1,647.17 crore in the same period of 2017-18, the bank said in a regulatory filing.

Gross bad loans spiked to 8.49% of gross advances as at December-end 2018 from 5.94% by December 2017.

In terms of value, gross non-performing assets (NPAs) or bad loans stood at 4,055.73 crore, higher than 2,663.32 crore a year ago.

Net NPAs too rose to 4.99% ( 2,295.60 crore) from 3.88% ( 1,698.92 crore).

Provision coverage ratio was at 56.09% as at December-end 2018, Karur Vysya Bank said.

Stock of the bank was trading 4.40% down at 81.50 on BSE.

This story has been published from a wire agency feed without modifications to the text.

Close