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Karur Vysya Bank has reported a 40 per cent increase in its net profit for the quarter ended March 2020, up from ₹60 crore to ₹84 crore.
The operating profit was up 8 per cent, at ₹500 crore as against ₹464 crore during the corresponding quarter of the earlier fiscal.
The total income for the quarter grew by ₹57 crore to ₹1,803 crore, while the income for the 12-month period ended March 2020 increased by 5.40 per cent to ₹7,145 crore
Net NPA dropped by over one per cent to 3.92 per cent (₹1,809 crore) from 4.98 per cent (₹2,420 crore), and gross NPA to 8.68 per cent (down by ₹237 crore to ₹4,213 crore) from 11 per cent (₹4,450 crore as on March 31, 2019).
The Net Interest Margin (NIM) stood at 3.44 per cent and the total business at ₹1.07-lakh crore.
The bank’s net profit for the year was up 11 per cent at ₹235 crore (₹211 crore)
PR Seshadri, who was at the bank’s helm as its Managing Director, demitted office on March 31. The hunt for a CEO is on, said KVB sources, adding that a few names have been shortlisted and forwarded to the banking regulator.
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