Private sector lender Karur Vysya Bank today reported a 76.76 per cent decline in net profit at ₹50.56 crore for the fourth quarter ending March 31, 2018, on the account of lower income and higher provisions and contingencies.
The Tamil Nadu-based bank had posted net profit of ₹217.56 crore during the corresponding quarter of last year.
Total income from operations for the January–March 31, 2018, quarter stood at ₹1,699.53 crore compared with ₹1,665.23 crore, Karur Vysya Bank said in a regulatory filing. Provisions and contingencies in the quarter under review were at ₹394.17 crore as against ₹217.50 crore in laster quarter of 2016-17.
For the financial year ending March 31, 2018, Karur Vysya Bank’s net profit fell by 42.95 per cent to ₹345.67 crore from ₹605.98 crore registered during the year ago period. For the year ending March 31, 2018, the bank reported total income of ₹6,599.58 crore up from ₹6,404.57 crore reported a year ago.
Gross NPA increased sharply to 6.56 per cent as on March 31, 2018, as against ₹3.58 per cent reported a year ago. Net NPA was at 4.16 per cent in the last quarter of the previous fiscal compared with 2.53 per cent in the same period in 2016-17.
Shares of the bank were trading at ₹101.25 apiece, up 6.99 per cent, on BSE.