The Hindu Business Line : Karur Vysya Q1 net profit declines to Rs 30.54 cr

Coimbatore, July 25 Karur Vysya Bank’s net profit slipped to Rs 30.54 crore during the first quarter of the current fiscal, against Rs 47.95 crore during the corresponding quarter of the previous fiscal.

The bank has attributed the drop to the Rs 49-crore provisions made towards depreciation on investment in Government securities. Besides this, the bank has also made provisions for non-performing assets and other provisions as per the RBI guidelines. “But this is less than Rs 1 crore,” a bank official told Business Line.

The operating profit rose by 20.72 per cent to Rs 79.95 crore (Rs 66.23 crore). The total interest income during the quarter increased by 28 per cent to Rs 327.67 crore (Rs 256.18 crore) and the interest on advances grew 31.15 per cent to Rs 253.93 crore (Rs 193.62 crore). Other income stood at Rs 48.73 crore.

The bank’s total business increased to Rs 23,032.23 crore (Rs 17,212.76 crore), with deposits accounting for Rs 13,145.18 crore (Rs 9,998.40 crore) and the remaining Rs 9,887.05 crore (Rs 7,214.36 crore) for advances.

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