Karur Vysya Bank Q1 net profit up 10% at Rs 135 crore

Private sector Karur Vysya Bank on Friday reported a 10.2 percent rise in its net profit at Rs 134.58 crore for the quarter ended June.

New Delhi: Private sector Karur Vysya Bank on Friday reported a 10.2 percent rise in its net profit at Rs 134.58 crore for the quarter ended June.

It had posted a net profit of Rs 122.07 crore in the same period of last fiscal.

Total income rose by 3.8 percent in the first quarter of the 2015-16 fiscal to Rs 1,518.50 crore from Rs 1,462.44 crore in the corresponding period of last fiscal, the bank said in a filing on the BSE.

However, the asset quality of the bank further slipped during the quarter with gross non-performing assets (NPAs) rising to 1.91 percent of gross advances in Q1 of FY16 as against 1.3 percent a year ago.

Likewise, net NPAs or bad loans also moved up to 0.88 percent from 0.53 percent in the first quarter of 2014-15.

Rise in NPAs resulted in a substantial increase in provisions and contingencies to Rs 117.65 crore during the first quarter of this fiscal from Rs 86.42 crore a year ago.

Also, bank's tax expenses rose multi-fold at Rs 43.50 crore from Rs 5 crore in the year-ago period. It also made a provision of Rs 32.45 crore towards final balance of wage arrears which was effective from November 2012.

South India-based Karur Vysya Bank's scrips closed 0.71 percent down at Rs 477 on BSE today.

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