Karur Vysya Bank Q1 Profit Rises 8% To Rs 146 Crore

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Chennai: Karur Vysya Bank on Tuesday posted an 8.74 per cent rise in net profit at Rs 146.35 crore for the quarter ended June 30, 2016.

The Tamil Nadu-based private sector bank had registered a net profit of at Rs 134.58 crore for the corresponding period a year ago, it said in a statement.

The net profit for the financial year ending March 31, 2016 stood at Rs 567.63 crore.

Total income in the quarter under review went up to Rs 1,547.31 crore from Rs 1,518.50 crore in the year-ago period.

For the financial year ending March 31, 2016, total income was at Rs 6,150.21 crore.

As of June 30, 2016, gross non-performing assets decreased to 1.79 per cent from 1.91 er cent while net NPAs decreased to 0.79 per cent from 0.88 per cent.

Net interest margin rose to 3.52 per cent for the April-June 30, 2016 quarter from 3.30 per cent a year ago.

The aggregate business level touched Rs 90,096 crore in the quarter that ended on June 30, 2016. Deposits recorded an 11.07 per cent growth to reach Rs 50,715 crore from Rs 45,659 crore a year ago.

Gross advances grew to Rs 39,382 crore in the quarter under review from Rs 37,220 crore in the year-ago period.

Shares in Karur Vysya Bank, on Tuesday, ended 5.09 per cent lower at Rs 481.10 apiece on the BSE, whose benchmark Sensex index finished down 0.42 per cent.